White House Denies Report Of $10,000 Of Student Loan Forgiveness

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The White House has denied a report that President Joe Biden will implement $10,000 of student loan forgiveness.

Here’s what you need to know – And what this means for your student loans.

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Will your student loans be canceled? That’s the question student loan borrowers have been asking for months.
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“No decision has been taken yet,” White House spokesman Vedanta Patel said. Told Reuters on Friday, White House denied report good From the Washington Post which claims:

  • Biden will cancel student loans of up to $10,000 per student loan borrower; And
  • Student loan forgiveness will be available to individual student loan borrowers who earn up to $150,000 in annual income, or married couples who file jointly and earn up to $300,000.

Earlier this month, the Biden administration issued a corresponding income cap to qualify for student loan forgiveness. Notably, this potential income cap is $50,000 higher than the income cap on the Covid-19 stimulus check, which was pegged at $75,000 for individuals.

Biden may cancel student loans tomorrow

Will Biden Cancel Student Loan Debt Tomorrow? Biden is giving the commencement address at his alma mater, the University of Delaware, tomorrow. While the White House says Biden has not decided on a wide-scale student loan waiver, the president may use tomorrow’s graduation as an opportunity to announce his intentions on student loan relief. Should Biden share a full-scale plan or provide an updated timetable on a decision, the president may refer to next steps for student loan borrowers. On April 28, Biden said he would decide whether to proceed with wide-scale student loan cancellations within weeks. However, that was more than four weeks ago.

Student Loan Cancellation: Next Steps

The Biden administration is reiterating that student loan borrowers have not been required to pay off a single dollar of their federal student loans since Biden became president. Biden has now canceled $18.5 billion in student loans for 750,000 student loan borrowers. The president has said he is not considering a plan to forgive the $50,000 student loan debt championed by progressive Democrats in Congress. If Biden cancels $50,000 of student loan debt, it would eliminate federal student loan debt for 36 million student loan borrowers. However, since the 2020 presidential election, Biden has been focusing on $10,000 of student loan forgiveness. Elizabeth Warren (D-MA) is still lobbying Biden to consider $50,000 in student loan relief. He has asked the president to postpone a decision on massive student loan forgiveness, which may be one reason Biden doesn’t announce plans to cancel student loan debt at tomorrow’s graduation. The next major deadline for student loan borrowers is the expiration of temporary student loan relief on August 31, 2022. Despite Biden’s announcement on student loan forgiveness, pay close attention to the end of the student loan payment pause. Ideally, you should have a game plan before resuming student loan payments. Consider these popular options for student loan repayment:

Student Loans: Related Reading

Navient agrees to cancel $3.5 million student loan

Education Department announces major changes in student loan service

How to Qualify for $17 Billion Student Loan Forgiveness

Bill Maher: Student loan forgiveness is a “loser” issue

Credit: www.forbes.com /

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