The new date is August 24, 2022, 11:44am.
President Joe Biden announced his student loan debt relief program on Wednesday, and the measures include a higher amount of forgiveness for certain lower-income borrowers than previously expected.
The president is boarding Marine One on Wednesday.
Biden said that the White House will forgive $20,000 for people who qualified for federal grants for low income college students.
According to the Department of Education, a third of undergrad students receive a grant.
Ten thousand dollars in relief will be given to borrowers who did not get a grant.
To get relief, borrowers must make less than $125,000 a year.
The repayment requirements for federal student loans will restart in January of next year.
The program will be announced by the president at 2 pm.
At the end of June, 45 million Americans had student loan debt of at least $1 billion. The relief program was expected to be unveiled by Biden on Wednesday. According to the Federal Reserve, the top 10% of Americans by income hold 17.4% of all student loan debt, so it's possible that a blanket forgiveness could benefit wealthier Americans. According to the Post, the relief won't be taxed. Biden had promised on the campaign trail to forgive student loan debt, but reportedly agonized for months over how to implement a plan that would satisfy advocates mostly from the left who sought further relief measures and critics mostly from the right who were concerned about the program's impact on inflation. More than $32 billion in student loan debt has been forgiven by the Biden Administration through measures targeting borrowers who were misled by their colleges and those who qualified for a previously obscure public service worker program.
More than 14 million people. Roughly a third of all student loan borrowers have $10,000 or less in student loan debt as of the end of June and are in line to have their debt forgiven if they fall below the income cap.
The student loan relief plan was taken down by Larry Summers, who was the secretary of the treasury in the Clinton administration. The program targets more well-off individuals who could afford to go to college in the first place, according to the program's author.
Biden might do something about student loan forgiveness.
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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