With President Joe Biden set to make a decision on forgiveness of federal student loan debt in the coming days, here is a timeline of what to expect.
The president spoke at the White House.
There is a 29-month pause on federal student loan repayments.
The White House is expected to make an announcement on student loans within the next week or so, as loan servicers have not been instructed to inform borrowers of an upcoming payment deadline.
Recent comments from Cardona and other White House officials are seen as an indication that Biden will finally announce his plan to address the student loan crisis, bringing his campaign promise to a head.
According to anonymous sources, Biden could reveal his debt relief plan on Wednesday.
CNN reported Monday that the plan is to forgive 10,000 borrowers, matching a report from last month.
The White House may only forgive debt for people who make less than $125,000 a year, according to reports.
42 million. There are a lot of Americans with student loan debt. Almost all of the student loan debt is government loan debt.
Senate Minority LeaderMitch McConnell warns that Biden's decision on student loan forgiveness will make inflation worse, while Senate Majority Leader Chuck Schumer warns that Biden's decision will make inflation worse. The support for student loan forgiveness was found to be divided by party lines in a poll.
A Morning Consult/Politico poll in June and an Economist/YouGov poll in July found that a majority of Democrats and Republicans agree with the idea of student loan debt relief.
Biden said during his campaign in March 2020 that he supported a minimum of $10,000 in student loan forgiveness.
Biden is said to be looking for debt relief for borrowers under the income threshold.
A poll finds that most Americans worry that student loan forgiveness will make inflation worse.
Americans are split along party lines when it comes to student loan debt relief.
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