Wednesday is supposedly the day when President Joe Biden would make an announcement about student loans. This announcement may include a $10,000 debt forgiveness program for individuals with incomes under $125,000.
According to CNBC, Biden might make his student loan announcement “as soon as Wednesday.” The government is indeed preparing a statement for that day, according to a subsequent article in The Wall Street Journal. The government debated the cancellation of student loans for months, and officials promised a decision would be made by the end of August.
The White House has not yet officially endorsed the specifics of Biden’s proposal, but according to NBC News on Tuesday, he is expected to propose a $10,000 student debt forgiveness program for anyone earning less than $125,000 annually. According to NBC News, which cited individuals familiar with the plans, Biden is also reportedly considering extending the existing moratorium on payments of student loan debts.
White House spokesperson Abdullah Hasan responded to the claims by saying, “The President will have more to say about this before August 31.” Remember that no one with a federally owned loan has had to make a single payment toward student loans since Pres. Biden took office, and that this administration already has forgiven over 1.6 million Americans’ debt – more than any other administration in history — totaling roughly $32 billion.
U.S. President Joe Biden signs “The Inflation Reduction Act of 2022″ into law on Aug. 16, 2022, in the State Dining Room of the White House in Washington, D.C. As U.S. House Majority Whip James Clyburn (D-SC) and Majority Leader Chuck Schumer (D-NY) watch, Biden hands his signing pen to U.S. Sen. Joe Manchin (D-WV).”
The Daily Caller contacted the White House for comment, but they did not answer right away.
Biden’s alleged choice is sure to disappoint some Democratic Party members. Biden has been pressured to forgive more than $50,000 in student loan debt, for instance, by Democratic Massachusetts Sen. Elizabeth Warren and Senate Majority Leader Chuck Schumer. Meanwhile, according to a recent Forbes piece, more left-leaning legislators such as Independent Vermont Senator Bernie Sanders have advocated for a complete forgiveness of student debt.