The White House estimates the plan would erase the federal student debt of about 20 million people. 9News
debt cancellation for millions of Americans — and up to $US10,000 more for those with the greatest financial need — along with new measures to lower the burden of repayment for their remaining federal student debt.
The action drew praise from a wide spectrum of Democrats, but appeared unlikely to completely appease any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom. Current students would only be eligible for relief if their loans were originated before July 1, 2022. Biden is also proposing capping the amount that borrowers must pay monthly on undergraduate loans at 5 per cent of their earnings, down from 10 per cent previously.
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 $US10,000 per borrower, with no mention of an income cap. "President Biden's decision on student debt cannot become the latest example of a policy that has left Black people — especially Black women — behind," he said. "This is not how you treat Black voters who turned out in record numbers and provided 90% of their vote to once again save democracy in 2020."
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