Biden to cancel up to $10,000 in student loan debt, extend payment ‘pause’ until December – IOTW Report

Biden to cancel up to $10,000 in student loan debt, extend payment ‘pause’ until December

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The Biden Administration is reportedly poised to cancel up to $10,000 in student loan debt for borrowers, and will extend the payment pause on federal loans until the end of the year.

According to the Washington Post, four people familiar with the matter said that borrowers making less than $125,000 per year, or $250,000 for married couples that file taxes jointly, would be eligible for the cancellation.

In addition, Pell Grant recipients will see up to $20,000 of their debt be cancelled.

The pandemic-era pause of federal student loan payments, which began during the Trump administration, will continue to be paused through December 31.

The student loan debt cancellation will affect roughly 43 million federal student loan borrowers, including 20 million who could have their debt completely cancelled, according to internal documents shared with the Washington Post.

Previous estimates have revealed that cancelling $10,000 in student loan debt per borrower could cost the government around $230 billion, though this estimate will now be higher considering the larger cancellation amount for Pell Grant recipien

13 Comments on Biden to cancel up to $10,000 in student loan debt, extend payment ‘pause’ until December

  1. Don’t let them steal the language, as this in not “forgiveness” but government assuming debt (socializing the debt) which then is to be paid by people who did not incur the debt and do not benefit from it.

    What’s with this governing by fiat? As mentioned above, it is not an Executive Branch perogative, but a Congressional function, to make public expenditures. But as Low information voters said about Obama: “he’ll just give us money from his stash.”

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  2. @Jarhead Cracka August 25, 2022 at 10:22 am

    > Those young men & women who joined the Armed Forces for the benefits of the G.I. Bill must really feel like “suckers” now

    Nobody’s threatening their stealers’ teat.

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