Biden To Issue $10,000 Student Loan Forgiveness For Some Borrowers?

CNBC reported that Biden’s announcement on student loans could come “as soon as Wednesday.” The Wall Street Journal later reported that the administration is in fact making plans for an announcement on that day. The administration has spent months debating the subject of student loan cancellation and officials vowed a decision would come before the end of August.

While the White House has not confirmed official details of Biden’s plan, NBC News reported Tuesday that he will likely announce a $10,000 student loan forgiveness for individuals making less than $125,000 a year. Biden is also reportedly planning on extending the current pause on student loan debt payments, NBC News reported, citing sources familiar with the plans.

“The President will have more to say on this before August 31,” White House spokesman Abdullah Hasan told NBC News in response to the reports. “As a reminder, no one with a federally-held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already cancelled about $32 billion in debt for more than 1.6 million Americans more than any Administration in history.”

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