President Biden is considering plans to forgive up to $10,000 in student loan debt per borrower, a move that may win support among young voters but could alienate fiscal moderates. The new White House plan would call for the debt to be canceled by executive order without congressional approval, a route Biden has been skeptical about in the past. About 97 percent of the nation’s 41 million student loan borrowers would be eligible, with only those making more than $150,000 a year missing out according to The Washington Post. Biden had hoped to announce the windfall as soon as this weekend but the Texas school massacre changed those plans. Administration officials are also considering simultaneously lifting a moratorium on interest and debt repayments for all student loan borrowers that’s been in effect since the COVID-19 pandemic struck. The decision caps a long period of internal debate about student loan forgiveness including how much to write off and how to enact it. Biden is looking for ways to keep the economic recovery humming amid growing storm clouds and political gridlock. He hoped to include student loan relief in his signature Build Back Better economic plan.
Comment on Joe Biden is thinking more seriously about canceling $10K in student debt
Tribune Content Agency, Bangor Daily News
Fri, 05/27/2022 - 1:08pm
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