The White House could offer student loan relief to Americans who make less than $125,000 a year, as President Joe Biden considers student loan forgiveness.
President Joe Biden spoke at a reception in the East Room of the White House.
The administration is looking at steps to help people who make less than $125,000 a year.
The press secretary didn't give any details on any relief program, but it was reported that Biden could forgive at least $10,000 in loans per borrower.
Biden expects to make a decision within the next few weeks.
The Saturday Washington Post story said that Biden's student loan forgiveness program may be limited to people with incomes less than $150,000.
The Department of Education has paused all federal student loan payments and interest since March 2020 as part of a policy that is set to expire in August. Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren have been pushing Biden to use executive action to wipe out student loan debt. The president said Thursday that he was in the process of taking a hard look at whether there would be debt forgiveness.
Student loan forgiveness eligibility may be restricted. According to the Post, the Biden Administration is considering limiting loan cancellation to Americans who borrowed money for undergraduate programs and not law or medical school debt. Medical and law school graduates have larger student loan balances than people with bachelor's degrees.
Critics argue that the initiative would disproportionately benefit the affluent, and that the plan to cancel a fixed sum of student loan debt is flawed. Romney suggested that the idea was to boost Democrats' standing with voters.
The White House is considering income limits for student loan forgiveness.
There are 4 reasons your student loans may not be canceled.
All Rights Reserved © 2024
