Joe Biden could make an announcement as early as Wednesday on potentially forgiving $10,000 in federal student loan debt for each borrower earning less than $125,000 annually. The impending potential announcement comes as borrowers' nail-biting continues with the fast-approaching August 31 loan moratorium deadline.
People familiar with discussions told Bloomberg that some low-income borrowers who received Pell grants could also receive a higher amount of debt forgiveness. A new analysis released Tuesday from the Penn Wharton Budget Model estimates that forgiving student loan debt for this income demographic could cost between $300 and $980 billion over 10 years. It also notes that the majority of relief would go towards borrowers who are within the top 60 percent of earners.
Larry Summers, who served as a top economic adviser under Obama, warned the Biden administration against 'unreasonably generous' student loan relief and predicted it would further raise inflation. He also said that the 'worst idea' would be to continue the current moratorium on student loan payments, set to expire next week.
While final details of an impending announcement on the future of student loan forgiveness are still being worked out, President Biden's White House has been signaling for months the potential canceling of a certain amount for each individual borrower.
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There's votes to be had out there at 10 grand a pop....been around since 1972 and the only one to benefit is still......joe biden....dickhead...
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