'The hoops of means-testing means that millions and millions of borrowers won't get help.'
"The hoops of means-testing means that millions and millions of borrowers won't get help," warned one advocate.President Joe Biden is reportedly on the verge of announcing his plan to cancel $10,000 in federal student loan debt after months of delays, but not every borrower will be eligible for relief—and progressives are warning that the administration's commitment to mean-testing could leave millions of vulnerable people behind.
As soon as Wednesday, Biden is expected to make public his intention to unilaterally wipe $10,000 off the balances of undergraduate student loan borrowers with annual incomes of less than $125,000. The president is also poised to extend the student loan repayment freeze for"several more months,""If the history of means-testing in America is any guide, bureaucratic snarls will prevent vulnerable populations from receiving relief.
Groups representing borrowers cast the emerging details of Biden's plan as a betrayal.
The predominant concern among opponents of means-testing isn't that people with high incomes will be denied student debt relief; it's that people eligible and desperate for relief will get lost in the bureaucratic maze that income-based restrictions inevitably create.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why anticipated student loan debt cancellation is 'really crazy politics': Fox News contributor StrasselThe 'Special Report' All-Star panel sounded off on the student debt cancellation debate Tuesday as Biden is expected to announce a plan to cancel student debt.
Read more »
What's at stake with Biden's looming student loan announcementBiden is reportedly zeroing in on providing $10,000 of debt relief per borrower.
Read more »
Biden's using student loan forgiveness to buy votes, reward Democratic base going into midterms: Kevin HassettFormer Council of Economic Advisors Chairman Kevin Hassett accuses the Biden administration of using student debt relief as an attempt to buy votes from its Democratic base.
Read more »
Chuck Schumer begged Joe Biden to boost student loan forgiveness: ReportBiden is expected to announce a plan on Wednesday to forgive $10,000 in debt for Americans with federal student loans who make $125,000 per year or less.
Read more »
Congressional Democrats are urging the Biden administration to extend a waiver for student debt reliefMore than 100 congressional Democrats signed a letter today asking the Biden administration to to extend a waiver for the Public Service Loan Forgiveness program through July 2023.
Read more »
Biden to announce cancelation of $10,000 in student loan debt, extend pause on repayments, reports sayThe Biden Administration is expected to announce a plan that will cancel thousands of dollars in student loan debt, and extend the ongoing federal student loan payment pause for several more months.
Read more »