Biden unveils federal student loan forgiveness plan, extend repayment pause | WATCH LIVE

President Joe Biden on Wednesday announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in debt cancellation forBorrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.

Still, the action is unlikely to thrill any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom. Current students would only be eligible for relief if their loans were originated before July 1, 2022. Biden is also set to propose capping the amount that borrowers pay monthly on undergraduate loans at 5% of their earnings.

Democrats are betting that Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement. John Della Volpe, who worked as a consultant on Biden's campaign and is the director of polling at the Harvard Kennedy School Institute of Politics, said the particulars of Biden's announcement were less important than the decision itself.

The Republican National Committee on Tuesday blasted Biden's expected announcement as a "handout to the rich," claiming it would unfairly burden lower-income taxpayers and those who have already paid off their student loans with covering the costs of higher education for the wealthy.

What a ridiculous thing to do!!!! I served 6 years in the Military so I could use the GI Bill to pay for college. What am I getting handed to me‽ This is all about buying votes in November.

What about the millions of people who paid back their student debt, in full? Do we all get a REFUND?! If you all are pandering for votes,with our tax dollars,YOI CAN FORGET IT! YOU LOST OUR VOTES after a dirty trick like this! 😡😡😡😡😡😡😡😡😡

Just give it all away.

Sleepy Joe is a joke. If somebody wants to take out a loan to go to school, they should be responsible enough to pay it back. Otherwise I should be able to take out a loan to buy a brand new car and not have to pay it back. Trump 2024 can’t come soon enough

More for tax payers awesome. And if you make 150 thousand a year. Pay your damn college debts yourself

How are we teaching responsibility if we forgive $$ that they said they would pay back. What’s next forgive credit card debit?

When can I expect my check for being responsible and paying all of my bills without handouts? I was brought up that if you sign a contract, make a bargain with someone, purchase a service or a product, then you pay what you owe.

I’m just curious what the Unionized democrat supporting, blue collar worker thinks when now his taxes go to paying loans for folks that went to party in college while they were working for a living? Still think those Dems have your back?

I should have rushed and gotten a student loan.

Get this crumb out of the Oval Office, smh, I lived paycheck to paycheck paying my school loans off forever, I want 10k back immediately!!!!

Is there going to be a mortgage relief program for those who took out 2nd mortgages to pay for their children colleges? Just asking for a friend.

How about my car loan? Take 10k off that…. Or how about crediting me for paying my student loans and for paying for my kids college?

Blah! Blah! Blah! All about politics! Biden really fell off his rocker this time! He has no authority to do this and it will never happen!

Ah the lovely sight of Repug tears! ' How DARE they pay 300 billion for student loans!! '....but 1.9 TRILLION to the already rich corporations was okie-dokie in their eyes! They are all like spoiled little brats..'' How come HE got two scoops of ice cream, and I didn't!!!!'

Desperation move

Yep Dems taking money from blue collar and hard working people who played by the rules and giving it to elites..reverse robin hood..pandering for votes as usual..

He’s a disgrace

wait so he can just cancel loans? What's next, he's going to forgive the PPP loans that businesses took out?

Glad I paid my loans off

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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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