Connect with us

Breaking News

Biden Announces Plan to Forgive Student Debt Up to $25,000 Per Individual



Biden Announces Plan to Forgive Student Debt Up to $25,000 Per Individual-ss-Featured

President Joe Biden announced his plan to forgive up to $20,000 worth of student debt for Americans earning less than $125,000 annually.

Biden announced his decision and its details on social media. In his post, he cited his “campaign promise” to provide “breathing room” on student loans for “working and middle-class families.”

The president said he would forgive student debt of up to $20,000 for those who went to college on Pell grants. Meanwhile, he would forgive $10,000 for those who didn’t.

The president’s plan will only apply to people making under $125,000 yearly or couples filing $250,000 in joint earnings.

Biden made this decision following months of mulling over the issue and facing pressure from leftist members of the Democratic party, including Sens. Chuck Schumer (D-NY) and Elizabeth Warren (D-MA).

According to the Penn Wharton Budget Model, the president’s plan is projected to cost at least $300 billion.

However, this decision disappointed leftists looking for a more aggressive plan regarding student debt forgiveness.

Some senators, including Warren, tried to get Biden to forgive up to $50,000 per person. If this had gone through, it would cost up to $933 billion, as per the Wharton estimate.

Besides college loan forgiveness, Biden also announced that he plans to extend the 2020 pause on repayments of student loans during the pandemic. The pause will remain up until Dec. 31, 2022.

Up Next:

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2022 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.