Biden on Wednesday shared a few details of the plan, which says borrowers who earn less than $125,000 a year will be eligible for the loan forgiveness. DETAILS:
initially gave Americans the option to suspend loan payments, and Congress made it automatic soon after. The pause was extended twice by the Trump administration and twice more under Biden. The Biden administration will freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the pandemic.
Last month, top U.S. Education Department officials developed a plan for a mass debt cancellation program, should the department get the green light from Biden, accordingUnder the plan, debt relief would be provided automatically and within several months to millions of borrowers for whom the agency already has income information.
Biden narrowed his campaign promise in recent months by embracing the income limit as soaring inflation took a political toll and as he aimed to head off political attacks that the cancellation would benefit those with higher take-home pay. In April, Biden said he wouldfollowing private meetings with Democratic lawmakers who pressed him on the issue.
Inside the administration, officials discussed since at least early summer forgiving more than $10,000 of student debt for certain categories of borrowers, such as Pell Grant recipients, according to the people with knowledge of the deliberations. President Joe Biden is expected to announce a much-anticipated loan forgiveness program Wednesday, sources familiar with the plan told the Associated Press.
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