The White House is nearing a decision over whether it should cancel up to $10,000 in student debt for millions of American borrowers. And despite “close allies feuding” over the decision according to the Washington Post, the Biden administration penciled in a Wednesday ‘student loan debt relief’ announcement.
In recent days, White House officials revived (pre-midterm) discussions over the issue – with an August 31 deadline fast approaching, when payments are set to resume following a pandemic-driven pause.
According to the report, internal White House discussions have revolved around a temporary extension in the payment pause until December, alongside the $10,000 per borrower forgiveness.
That said, forgiving the debt will cost between $300 billion and $980 billion over 10 years – and the majority of relief will go to borrowers in the top 60% of earners, according to a Bloomberg, citing a new analysis by Penn Wharton, whose budget model was released Tuesday ahead of President Biden’s long-anticipated decision.
Continue reading “White House Nears Decision On $10K Student Loan Forgiveness”
