The Washington Post reported Saturday that the White House is considering income limits for student loan forgiveness, days after President Joe Biden indicated he was close to a decision on the issue.
President Joe Biden answered questions in the Roosevelt Room of the White House. The Washington Post photo was taken by Demetrius Freeman.
Three people familiar with the discussions told the Post that the White House was considering limiting relief to individuals who made less than $150,000 in the previous year.
The cap is $250,000 to $300,000 for couples who file their taxes together.
The numbers or requirements could change before Biden makes a final decision, according to the Post.
The reported income caps come after Biden said he was taking a hard look at loan forgiveness.
According to anonymous sources, the Biden administration may be able to forgive at least $10,000 per loan, but the details of the proposal have not been made public.
Since the start of the Covid-19 epidemic, a moratorium on student loan payments has been in place. Democrats have urged the president to take action on canceling some of the debt after Biden extended the pause until August 31. Schumer has pushed for the administration to cancel at least $50,000 per loan. Republicans have argued against forgiveness, saying it would add to inflation issues in the country, or that it is an attempt for Biden and Democrats to improve their approval rating.
Romney compared canceling student debt to a bribe, while the governor of Florida called it wrong. According to the Education Data Initiative, graduate students borrow more than other students.
During a press conference Thursday, Biden said he would have an answer in the next couple weeks on his plans for student loan relief.
A total of 43.4 million. According to the Education Data Initiative, how many people have federal student loan debt. The average balance is $37,113.
Biden may cancel some student debt, but he doesn't cancel all of it.
Lawmakers say that Biden may cancel student debt soon.
According to a report, Biden may cancel at least $10,000 of student loan debt.
All Rights Reserved © 2024
