Biden is expected to deliver on his campaign promise to provide up to $10,000 in debt cancellation, according to the AP. He is also set to extend the pause on payments. FOX13
initially gave Americans the option to suspend loan payments, and Congress made it automatic soon after. The pause was extended twice by the Trump administration and twice more under Biden. The Biden administration will freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the pandemic.
Three people familiar with the plan told the Associated Press that it will forgive up to $10,000 in student loan debt for anyone who makes less than $125,000 a year. They spoke on condition of anonymity to discuss details of the plan before it is announced. Some categories of borrowers could be eligible for more relief, but that was still being discussed.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. In his pitch, Schumer argued to Biden that doing so was the right thing morally and economically, said the Democrat, who asked for anonymity to describe a private conversation.
Although Biden’s plan is narrower than what he initially proposed during the campaign, "he’ll get a lot of credit for following through on something that he was committed to," said Celinda Lake, a Democratic pollster who worked with Biden during the 2020 election.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
MoviePass relaunch: Movie subscription service returns on Labor Day with plans starting at $10 a monthMovie fans can sign up for free to join a waitlist to get the service beginning on August 25. The company, which once had millions of subscribers, is making a comeback after temporarily shutting down in 2019.
Les mer »
Nationwide Children's Hospital receives $10 million donationThe Nationwide Foundation has received a $10 million gift that will be used for research into pediatric behavior health conditions.
Les mer »
Suspect in Kim Kardashian robbery in Paris has no guilt: 'She was throwing money away'Yunice Abbas, one of the men who allegedly robbed Kim Kardashian of $10 million in jewelry in 2016, says he doesn't feel guilty about it: 'I don't care.'
Les mer »
Student loans: Biden administration leaning toward canceling some loan debt, sources sayThe current student loans pause is set to expire soon.
Les mer »
Student loans: Biden administration leaning toward canceling some loan debt, sources sayThe current student loans pause is set to expire soon.
Les mer »
Student loans: Biden could announce $10,000 student loan forgiveness as soon as WednesdayEligible borrowers would include those with federal Direct Loans, FFELP Loans, Perkins Loans, Parent PLUS Loans and Grad PLUS Loans. Borrowers with private loans would be excluded.
Les mer »