President Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans and extend a pause on payments to January.
Aug 23, 2022 at 5:42 pm
The nation’s federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data. Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive Democratic Sens. Elizabeth Warren and Bernie Sanders, who had proposed cancellations of $50,000 or more, during the 2020 primaries.
Inside the administration, officials have discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to three people with knowledge of the deliberations. That remained one of the final variables being considered by Biden heading into Wednesday’s announcement.
“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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