(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .



After hesitating too long, Biden reportedly near a decision on student debt relief [1]

['Daily Kos Staff', 'Backgroundurl Avatar_Large', 'Nickname', 'Joined', 'Created_At', 'Story Count', 'N_Stories', 'Comment Count', 'N_Comments', 'Popular Tags']

Date: 2022-08-23

President Joe Biden campaigned on $10,000 of student debt cancellation, but under pressure from allies to go bigger, he has yet to take action. With the federal student loan payment pause set to expire on Aug. 31, he will reportedly make an announcement on debt cancellation as well—and it’s expected to be $10,000 per borrower with an income cap of $125,000.

Student debt relief of $10,000 per borrower with no income cap would wipe the slate clean for 1 in 3 borrowers. That’s big. But it does little to erase significant racial disparities in student debt, leaving a higher share of Black people with student debt after cancellation than the share of white people with student debt now. As of 2016, about 1 in 3 people owed more than they originally borrowed, but it was 2 in 3 for Black borrowers.

A CNN report on Biden’s plans drops one very interesting tidbit: “In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population, according to sources familiar with internal discussions in the administration.”

RELATED STORY: The only solution to student loan debt can be found in the sources of the crisis

[END]
---
[1] Url: https://www.dailykos.com/stories/2022/8/23/2118245/-After-hesitating-too-long-Biden-reportedly-near-a-decision-on-student-debt-relief

Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/