President Biden is gearing up to make an announcement on student loan debt forgiveness, but a new analysis shows that cancelling debt could cost up $980 billion.
By MJ Lee and Phil Mattingly, CNN White House officials have been weighing — and leaning toward — the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.
The NAACP, which is pushing Biden to cancel $50,000 in student loan debt for every borrower, criticized reports that the administration may forgive just $10,000.
President Biden’s election-year plan to cancel student loan debt would cost the Treasury at least $329 billion and would mostly benefit wealthier taxpayers, according to a study released Tuesday.
White House officials have been weighing -- and leaning toward -- the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, with an
The Biden administration is leaning toward canceling up to $10,000 in student loan debt for those who make less than $125,000 a year, according to a new report.
The White House is also expected to address in the coming days whether to extend again the current pause on federal student loan payments, which is set to expire soon.
