Pres. Biden is poised to announce some form of student loan forgiveness, sources familiar with the plan tell ABC News.
President Joe Biden in the East Room of the White House, in Washington, Aug. 9, 2022.As another deadline nears on the restart of payments for America's $1.7 trillion in federal student loans, President Joe Biden is poised to decide whether to cancel debt for a subset of Americans and continue to keep a pandemic-era pause on the repayments -- a sweeping move he has openly weighed in some form or another since his time as a candidate.
In an interview on Tuesday afternoon, U.S. Secretary of Education Miguel Cardona told ABC News that the much-anticipated decision on loan forgiveness would come "soon" but was vague on details. But more specific details on how much money will be forgiven and for who are in high demand for the more than 45 million Americans who still have federal student loan debt.
"A lot depends on the size of the cancellation. The smaller the amount of cancellation, the easier the question is," Brooks said. "Wiping out all student debt with a single stroke might be tougher, but the president through the secretary of education does have the power to adjust the amount of loan principle that any borrower has."
"The White House is about to ask the Education Department to do something that is extraordinarily difficult, and that is going to have the effect of denying debt relief to low-income folks, economically vulnerable folks, who have the hardest time navigating these complicated paperwork processes," Mike Pierce, executive director and co-founder of the Student Borrower Protection Center, a think-tank that advocates for universal debt cancellation, told ABC News in an interview.
But for many borrowers and advocates for canceling student debt -- particularly the nearly half of people with federal student loans who would see their debt extinguished or cut significantly -- Biden's policy would still be cause for major celebration and be seen as a start to reforming the college and university system, where rising costs have become a major area of focus.
The frozen temperatures might sting a little bit less if Biden forgives $10,000 of Fuller's remaining student loan bills, he said.That would make payments "a lot more affordable and a lot more manageable in my situation," he said. Shareefah Mason, the dean of Educator Certification at Dallas College, feels this impact firsthand as a Black woman with student debt. She leads the apprenticeship component of a program that pairs students with residency partners to ensure they earn while they learn, effectively reducing education debt for aspiring teachers.
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