Student loan forgiveness: Biden unveils plan to cancel $10K in student debt

initially gave Americans the option to suspend loan payments, and Congress made it automatic soon after. The pause was extended twice by the Trump administration and twice more under Biden. The Biden administration will freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the pandemic.

Last month, top U.S. Education Department officials developed a plan for a mass debt cancellation program, should the department get the green light from Biden, accordingUnder the plan, debt relief would be provided automatically and within several months to millions of borrowers for whom the agency already has income information.

Biden narrowed his campaign promise in recent months by embracing the income limit as soaring inflation took a political toll and as he aimed to head off political attacks that the cancellation would benefit those with higher take-home pay. In April, Biden said he wouldfollowing private meetings with Democratic lawmakers who pressed him on the issue.

Inside the administration, officials discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to the people with knowledge of the deliberations. President Joe Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.

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Biden breaking the law as media looks the other way. We no media in this country.

If you make $125,000, you should be able to pay your loan.

I wonder who is going to pay for this? Craziness.

Let me get some first 😂

What a joke!

This taxpayer is outraged. We can teach budgeting to people, but can’t teach the ethics and self respect needed to live within that budget. Note that we have elected several to Congress who haven’t bothered to pay their loans...and they are in charge of federal budgets and our $!

I think this is good 😊 👍

Even his detractors and haters that have SLs will benefit from this

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Biden nears decision on student loan cancellation, moratorium extensionThe president is expected to cancel $10,000 per borrower making $125,000 a year or less. (via NBC News) This should come with a 150 point reduction in their credit score for the next 7 years. that means everyone making less than 125000 that doesnt have student loan debt, can add 10000 to their tax return this year Biden’s move to cancel student debt would cost more than $300 billion, study says
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