Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness
, Biden announced in a tweet. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
The action drew praise from a wide spectrum of Democrats, but appeared unlikely to completely appease any of the factions that have been jostling for influence as Biden weighs how much to cancel and for whom. The Biden administration plan would also raise the income floor for repayments, meaning no one earning below 225 per cent of the federal poverty level would need to make monthly payments.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. Republicans responded swiftly to Biden’s decision on student debt relief Wednesday, calling out the administration for “selling out working families” to appease to the progressive wing of the party.
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