Biden could reportedly cancel up to $10,000 in student debt this week for borrowers making under $125,000 a year.
- Biden is mulling up to $10,000 in forgiveness for debtors making under $125,000 a year, CNN reported.
- His announcement could come as early as Wednesday.
- Borrowers are waiting for news of an extension of the payment pause, set to expire after August 31.
- The final days of waiting for student-loan forgiveness might have finally arrived.
On Monday, CNN reported that President Joe Biden was leaning toward canceling up to $10,000 in student debt for borrowers making under $125,000 a year. The outlet, citing people familiar with the White House plans, said this announcement could come as early as Wednesday, and a person familiar with the matter confirmed that timeline to Insider.
This comes right before the student-loan-payment pause is set to expire. In April, Biden extended the pause for his fourth time, through August 31, and the president — along with Education Secretary Miguel Cardona — has confirmed a decision on another extension of the payment pause, along with one on broad debt cancellation, will be announced before the August 31 deadline.
"We know August 31 is a date many people are waiting to hear something from," Cardona said Sunday. "We've been talking daily about this, and I can tell you the American people will hear within the next week or so what the Department of Education will be doing around that."
Expect the announcement either this week or on the 31st. So your thoughts? if you are payng off loans still, will $10k of that off help you out much?
and he just announced it. its official folks!
"President Biden on Wednesday announced he’s canceling $10,000 in student debt for Americans making under $125,000 a year, fulfilling a campaign promise and garnering criticism from across the political spectrum."