President Biden said Thursday that he’s “taking a hard look” at the possibility of canceling a significant share of federal student loan debt and will make his final decision “in the coming weeks.”
to stick to closer to $10,000, while potentially including an income cap that limits relief to borrowers making under $125,000.to more than 700,000 people, eliminating over $17 billion in student debt. The White House has also repeatedly extended a pause on loan payments that was put in place by the Trump administration in the early days of the pandemic.
“Rather than inject a one-off stimulus into the economy, as some critics have charged, cancellation would likely prompt Americans to reevaluate their long-term spending plans and invest in a better future. It could give millions a chance to finally buy a house or start their business or help their kids get an education, too — investments that are good both for families and the overall economy.
“Unlike a number of other policy issues, student debt relief doesn’t need to be pushed through a narrowly controlled Congress. It can be addressed with the flick of Biden’s pen.” — Aída Chávez,“Get ready for a massive election-year gift to student borrowers at the expense of taxpayers.” — Editorial,“Without action from Biden, Black student debt will hinder his administration’s agenda with respect to eliminating racial inequities.
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