Aug 23, 2022
RawNews1st – White House to announce student loan cancellation, payment pause extension Wednesday.
Sources said President Biden’s intended measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually, as well as another payment freeze for roughly four months.Â
The $10,000 figure would be the largest forgiveness of federal student loans per individual to date.
The move comes just a week ahead of the White House’s self-imposed Aug. 31 deadline. The timing has left millions of Americans waiting for guidance from the Department of Education on whether student loan payments that have been deferred since the start of the pandemic would resume next month.
Since Biden has taken office, his administration has greenlighted over $31 billion in student loan relief for hundreds of thousands of borrowers.
But that relief has only extended to certain cases, including for those who have attended schools found to have misled students, borrowers with disabilities and those participating in the Public Service Loan Forgiveness program.
But the $10,000 in forgiveness for a much wider breadth of borrowers will likely not satisfy some Democrats or activists who have pushed the Biden administration to forgive much more in federal student loan debt.
In May, Senate Majority Leader Charles Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and Sen. Raphael Warnock (D-Ga.) met with Biden to push for forgiveness.
Advocates and other Democrats, including Schumer, have pressed for forgiveness of $50,000 per borrower or to cancel debt entirely.
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