White House officials are leaning toward canceling up to $10,000 in student loan debt for borrowers who make less than $125,000, sources tell CNN.
White House officials have been weighing -- and leaning toward -- the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.
According to multiple sources familiar with the discussions, the plan is designed to offer the forgiveness to individuals who earn less than $125,000 per year. In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.
Have student debt? Hear some expert tips on how to manage it 03:00Read MoreCNN has reached out to the White House for comment.In recent days, White House officials have been in communication with lawmakers to discuss their thinking on student loan debt forgiveness, ahead of the current pause on payments expiring. Last week, for example, Senate Majority Leader Chuck Schumer, Democratic Sen. Elizabeth Warren of Massachusetts, and Democratic Sen.
Billionaire shocks graduating class with surprise gift 01:20He did not elaborate on the details, saying he would not get ahead of the announcement.Some Democratic lawmakers and advocates have been urging Biden to broadly cancel up to $50,000 in student loan debt per borrower, but the President has consistently pushed back on canceling that much.
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