Biden cancels up to $10K in student debt for many borrowers, extends payment pause
President Biden officially announced on Wednesday that his administration is forgiving up to $10,000 in federal student loan debt for borrowers making less than $125,000 annually and $20,000 for Pell Grant recipients, marking the largest forgiveness of the loans per individual to date.
Biden also again extended a payment freeze on federal student loans and interest accrual, butting right up against an Aug. 31 deadline that would have kicked bills back into effect just before November’s midterm elections.
The payment pause is now in effect until Dec. 31 and the White House said the pause is extended “one final time,” indicating that January will mark the end of the years-long student loan payment freeze.
The White House also said that if borrowers have undergraduate loans, they can cap repayment at 5 percent of their monthly income. Current students with loans are also eligible for this debt relief, and dependent students will be eligible for relief based on their parents’ income.
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Biden cancels up to $10K in student debt, extends payment pause https://t.co/D5LHJliXq6 pic.twitter.com/EOMb27m8L5
— The Hill (@thehill) August 24, 2022
Biden said his student loan relief plan won't affect inflation.
"By resuming loan payments at the same time as we provide targeted relief, we're taking an economically responsible course," he said Wednesday. pic.twitter.com/0jO1peHcCX
— POLITICO (@politico) August 24, 2022
"Top Five Reasons Federal Student Debt Cancellation Is a Bad Idea" https://t.co/PP91k6O52S via @CatoInstitute pic.twitter.com/dPVuLZc9OI
— Scott Lincicome (@scottlincicome) August 24, 2022
New @asymmetricinfo WaPo column lede: “There are so many things wrong with President Biden’s newly unveiled policy on student loans that one hardly knows where to begin.” https://t.co/tdxeWpADnf
— Josh Kraushaar (@JoshKraushaar) August 24, 2022
I *absolutely* agree with this.
Also, I'm not particularly annoyed as a matter of who got what. But creating more class tensions in a country that already has plenty of them for the sake of a one-shot band-aid on a messed-up higher educational system is not good public policy. https://t.co/13CRYNtnkR
— Tom Nichols (@RadioFreeTom) August 25, 2022
Credentialism is a real issue. Why?
Many reasons, but:
1. High school no longer guarantees that you can read and write
2. So many people going to college means the BA is becoming commonplace, so no reason not to require one
3. Next: Everyone will have to get graduate degrees. https://t.co/wFHvuYHDfS— Tom Nichols (@RadioFreeTom) August 25, 2022
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