For those Americans earning less than $125,000 each year, President Joe Biden revealed his final decision to forgive up to $20,000 in student debt.
Using his “campaign pledge” to provide “working and middle-class families breathing room” on student loans, the president shared specifics of his strategy on social media.
For those who received Pell Grants to attend college and $10,000 for those who did not, the president will forgive up to $20,000 in debt.
Only anyone making less than $125,000 annually or couples filing jointly with incomes of $250,000 are eligible for debt relief.
Wednesday afternoon, Biden has a speech about his proposal and more information to share.
After he had hesitated on the matter for several months, the president finally made up his mind after being pressed by more left-leaning Democrats like Sen. Elizabeth Warren and Senate Majority Leader Chuck Schumer (D-NY) (D-MA).
We’ve been working towards this day for a long time, and it’s here: President @JoeBiden is taking historic action to cancel up to $20,000 of debt for millions and millions of Americans.
— Elizabeth Warren (@ewarren) August 24, 2022
Biden’s plan is expected to cost at least $300 billion, according to the Penn Wharton Budget Model.
Leftists who wanted to see a more aggressive plan to forgive student loan debt were disappointed by Biden’s choice.
Senators like Warren pressed the president to grant up to $50,000 per individual in forgiveness, which the Wharton estimate pegged at as high as $933 billion.
The president also declared his intention to prolong the pandemic-related suspension on student loan repayments from 2020 until December 31, 2022.
Source Breitbart News, Rephrased by InfoArmed
