The Washington Post reports that President Joe Biden was going to announce a plan to cancel $10,000 per student loaner as soon as this weekend, but the announcement has been delayed due to the school shooting in Texas.
President Joe Biden will sign an executive order to strengthen public safety in the East Room of the White House. Kent Nishimura is a photographer for the Los Angeles Times.
Three anonymous sources told the Post that the White House is planning to limit tax relief to people who made less than $150,000 in the previous year.
According to the Post, the cap is $300,000 for couples filing together.
According to The Post, the plans are not finalized and the numbers or requirements could still change before Biden makes a decision, while CNN reports aides have already drafted the order.
On April 28, Biden said he wouldn't be canceling $50,000 in debt per borrower, but he would have a decision on how much in the next couple weeks.
In October 2020, Biden said he would eliminate student debt for people who make less than $125,000 and went to a public university.
March 2020 is when Biden promised to cancel a minimum of $10,000 per person in federal student loan debt in a Medium post on April 9.
According to The Post, it's not clear if the White House will require interest and payments to begin again at the end of August, when the current moratorium is scheduled to end. Since March 2020, the moratorium has been extended six times.
15 million. According to the Committee for a Responsible Federal Budget, how many people would have their student loan debt eliminated if $10,000 worth of loans were canceled.
Democrats want the president to take action on the debt. Some Democrats, including Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren, want the administration to cancel at least $50,000 per loan. Some Republicans argue that forgiveness would add to inflation issues in the country, or that it is an attempt by Biden and the Democrats to improve their approval rating ahead of the elections.
Biden could cancel student loan debt this Saturday.
The White House is looking at income caps for student loan forgiveness.
Biden may cancel some student debt, but he doesn't cancel all of it.
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