Biden to forgive up to $20,000 in student loan debt and extend payment pause: live updates

According to the Education Department, about 90% of those receiving relief, and who aren’t in school, make less than $75,000 a year.

If forgiveness sparks more inflation, it could also pressure the value of the dollar. The Brookings Institution has calculated that a $10,000 reprieve would add up to a wipeout of debt larger than many social safety nets combined, including WIC, SNAP and federal school lunch plans.The Education Department is proposing to halve the monthly payments for some borrowers from 10% to 5% of discretionary income — the amount that borrowers have to pay each month on their undergraduate loans.

House Minority Leader Kevin McCarthy called Biden’s plan a “debt transfer scam,” charging that Americans who have already paid their debts will be forced to foot the bill for the forgiven loans. Senator John Barrasso of Wyoming, chairman of the Senate Republican Conference, called the move “an insult to every American who played by the rules and worked hard to responsibly pay off their own debt.”

“With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by cancelling significant amounts of student debt for millions of borrowers,” Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., said in a joint statement.

President Joe Biden announced Wednesday he will provide $20,000 in debt relief to Pell Grant recipients and $10,000 for all other borrowers.

If you make $120,000 or you and your wife make $240,000, you earn enough to pay your own f*****g debts!

Pure vote buying. This is theft from anyone who paid back their loans or never took any loans. Obama enabled this by federalizing the loan program earlier. Highly inflationary as well. 😡

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