ADVERTISEMENT

ADVERTISEMENT

Report: Biden administration plans to cancel $10,000 in student debt per borrower

The White House plan would apply to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly.

Activists call for the cancellation of student debt in Washington
Activists demonstrate outside an entrance to the White House calling for the cancellation of student debt in Washington, on April 27, 2022.
EVELYN HOCKSTEIN/REUTERS
We are part of The Trust Project.

WASHINGTON — The administration of U.S. President Joe Biden is planning to cancel $10,000 in student debt per borrower, The Washington Post reported on Friday, citing three people with knowledge of the matter.

The White House plan would apply to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly, two of the people told the Post.

The current government pause in student interest and payments expires at the end of August. It was not clear if the administration planned to resume payment requirement then.

The sources, who were not identified, told the newspaper that details could change.

Biden had hoped to make the announcement at the University of Delaware commencement this weekend, the people told the Post, but those plans changed after Tuesday's massacre of elementary school children in Texas.

ADVERTISEMENT

Student debt cancellation has become a priority for many liberals and one that could shore up popularity with younger and more highly educated voters, who lean Democratic, ahead of November's critical midterm elections.

But the Biden administration has been reluctant to unilaterally make an unprecedented cancellation of college debt owned by the U.S. government, a move that would test his legal authority.

(Reporting by Doina Chiacu; editing by Hugh Lawson and Mark Porter.)

______________________________________________________

This story was written by one of our partner news agencies. Forum Communications Company uses content from agencies such as Reuters, Kaiser Health News, Tribune News Service and others to provide a wider range of news to our readers. Learn more about the news services FCC uses here.

Related Topics: EDUCATIONECONOMYJOE BIDEN
What to read next
Thirteen Republican-led states banned or severely restricted the procedure under so-called "trigger laws" after the court struck down the landmark 1973 Roe v. Wade ruling last week. Women in those states seeking an abortion may have to travel to states where it remains legal.
Jackson, 51, joins the liberal bloc of a court with a 6-3 conservative majority. Her swearing in as President Joe Biden's replacement for retiring liberal Justice Stephen Breyer came six days after the court overturned the 1973 Roe v. Wade landmark that legalized abortion nationwide. Breyer, at 83 the court's oldest member, officially retired on Thursday.
The court's 6-3 ruling constrained the Environmental Protection Agency's authority to regulate greenhouse gas emissions from existing coal- and gas-fired power plants under the landmark Clean Air Act anti-pollution law. Biden's administration is currently working on new regulations.
Jackson, 51, was confirmed by the Senate on April 7. Breyer, 83, has served on the court since 1994 and announced his plans to retire in January. Breyer will officially retire and Jackson will take her two oaths of office at noon on Thursday shortly after the court issues the last of its rulings of its current term.