As tens of millions of borrowers await what could be the first-ever blanket student loan forgiveness initiative, President Joe Biden will announce his plan for federal student debt relief Wednesday, according to a report.
The President gave a thumbs up as he boarded the plane.
CNN reported Monday that the White House is zeroing in on a plan to forgive $10,000 in student loan debt per borrower, though the details of the program are still unknown.
According to CNN, Biden is planning to only forgive debt for people with an annual income of less than $125,000.
An extension of the pause on federal loan payments is expected to be included in the announcement.
Forbes requested comment from the White House and Department of Education.
It's worth $300 billion. That is how much a one-time forgiveness of $10,000 in federal student loan debt for borrowers making less than $125,000 annually would cost the federal government.
A whopping $1.6 trillion in federal student loan debt is held by 43 million Americans. Democrats make up the majority of Americans who approve of forgiving student loan debt.
More than half of Americans think student loan relief could make inflation worse, according to a survey.
Biden might do something about 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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