The latest reports show that President Joe Biden is sticking to his promise to forgive student debt, but with limits.
The Washington Post reported on Friday that, according to three people familiar with the matter, Biden's latest loan forgiveness plan include $10,000 in relief for federal borrowers who make under $150,000 in the previous year, or less than $300,000 for married couples who filed together. Previous reports suggested that Biden was considering capping the relief for those making under $125,000.
No decisions have been made yet, according to the White House.
White House officials told the Post that the announcement regarding student-loan forgiveness that Biden was supposed to make at the University of Delaware on Saturday has been pushed back due to the shooting in Uvalde, Texas.
The borrowers are waiting to hear if they will see a reduction in their debt balances. Biden said nearly a month ago that a decision on relief would be made in the coming weeks, and that he was not considering $50,000 in relief, an amount many progressive lawmakers have been pushing for. Even though there are reports suggesting a lower amount of relief with income caps, they haven't stopped pushing.
The senators met with Biden last week to urge him to go big on relief and hold off on issuing any executive action until he considers loan forgiveness for everyone.
Student debt cancellation needs to be large and significant enough to make a difference in the lives of Georgia families.
Some Democrats are against cutting high earner out of student loan relief because they argue it would benefit the higher earner the most. The New York lawmaker told the Post that she doesn't believe in a cutoff, especially for so many of the front-line workers who would be excluded from relief.
The plans for relief could change, and the timing for that announcement remains uncertain, but as several administration officials have said, borrowers will know before student-loan payments are set to resume after August 31.
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