If implemented, the president's historic move would wipe $10,000 for 43 million Americans saddled with student loan debt.
What the president is considering
More than 43 million people have federal student loan debt in the U.S., and the average borrower has about $37,000, according to data compiled by the Education Data Initiative. The outstanding federal loan balance is about $1.6 trillion.
"The hoops of means testing means that millions and millions of borrowers won’t get help," said Melissa Bryne, executive director of We The 45 Million, which represents student loan borrowers advocating for student debt cancelation. She called it"an outrageous violation" of Biden's campaign pledge to cancel student loan debt to all borrowers.Biden said in April that he was taking a"hard look" at executive action to forgive federal student loan debt.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
California Democrats eye Newsom atop a 2024 ticket if Biden doesn't runCalifornia Gov. Gavin Newsom is a leading contender for the Democratic presidential nomination if President Joe Biden doesn’t run in 2024, as voters in his state say they are eager for alternatives.
Read more »
Congressional Democrats are urging the Biden administration to extend a waiver for student debt reliefMore than 100 congressional Democrats signed a letter today asking the Biden administration to to extend a waiver for the Public Service Loan Forgiveness program through July 2023.
Read more »
Biden set to announce plan to cancel $10,000 in student loan debt WednesdayBiden has faced rising pressure from progressive Democrats to grant loan forgiveness. Critics say it could accelerate inflation.
Read more »
Americans brace for Biden decision on student loan waivers, payment pauseWe explain where US President Biden's expected $10,000 student loan debt cancellation falls with Americans on either side of the political aisle and why the number might not be bigger
Read more »
PolitiFact - No, Biden is not arming up the IRS with guns and ammunitionIncumbent U.S. Rep. Matt Gaetz suggested the IRS is suddenly arming itself to collect your taxes. The agency has a century-old criminal investigation division that routinely buys weapons and ammunition for its special agents.
Read more »
Biden talks up economy amid recession fears and looming midterm electionsAmid conflicting signals regarding the economy, the Biden administration and Republicans are trying to paint a picture of the country's overall economic health for the electorate.
Read more »