President Joe Biden has announced his long-awaited plan to deliver on a campaign promise to provide $10,000 in student debt cancellation for millions of Americans.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000forgiveness, 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 federalpayments for what he called the “final time” through the end of 2022.
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% of the federal poverty level would need to make monthly payments.
The Justice Department released a legal opinion on Wednesday concluding that the Higher Education Relief Opportunities for Students Act gives the Education secretary the “authority to reduce or eliminate the obligation to repay the principal balance of federal studentdebt.” The legal opinion also concluded that the debit could be applied on a “class-wide” basis in response to the coronavirus pandemic. Still, some conservative groups were considering potential legal challenges.
A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort - whether for all borrowers or those most in need - although studentRepublicans 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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