Biden Wants to Announce $10,000 Student Debt Cancellation, According to New Report
The plan is not final, but this is a number far below what activists have pushed for. There’s no clear answer on what this announcement would mean for the payment and interest payment pause that’s been in place since March 2020. Last month, the Department of Educationuntil Sept. 1—two months before the midterm elections Democrats historically will lose.
Restarting interest payments could easily wipe-out a $10,000 reduction in debt. While the payment pause has been a lifesaver to those hit hard by the realities of pandemic living, experts say pausing interest payments is what has really helped borrowers.
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