Student Debt: Biden May Forgive All Making Under This Amount

Written By BlabberBuzz | Thursday, 05 May 2022 21:45
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White House press secretary Jen Psaki floated Tuesday that if President Joe Biden wipes away significant parts of Americans’ student loans, he would do so just for those making less than $125,000 a year.

“Well, the President talked, back on the campaign, about taking steps or looking at steps to help people making less than $125,000 a year, so that is the frame through which he’s considering - making considerations at this point,” Psaki announced on board Air Force One as the President traveled to Alabama to tour a Lockheed Martin plant.

Last week, the President stated he'd use executive action to relieve some student debt from Americans. “I’m not considering $50,000 in debt reduction,” Biden announced Thursday. “But I am in the process of taking a hard look at whether or not there will be additional debt forgiveness.”

Biden has previously floated a figure of $10,000 per borrower, significantly less than the $50,000-per-borrower Senate Majority Leader Chuck Schumer and some progressive leaders, including Sen. Elizabeth Warren, have called for. Biden announced he would get to a conclusion in the following couple of weeks.

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A day before, Schumer announced publicly he believed Biden might go for the $50,000 figure. “We’re getting closer and closer and closer on student loans. I’ve been working relentlessly on the President and his staff, and they seem more open to it now than ever before,” Schumer announced then. Americans with federal student loan debt haven’t had to pay back loans since the Trump Administration because of COVID-19.

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The Biden White House recently extended the repayment moratorium until August 31. Psaki has announced Biden intends to act in some way before the moratorium lifts. While loan relief might be popular with federal student loan borrowers - many of whom have government loans with high-interest rates - Republicans of all stripes are attempting to sully the move with voters.

The more moderate GOP Sen. Mitt Romney tweeted last week: “Desperate polls call for desperate measures: Dems consider forgiving trillions in student loans. Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages? And put a wealth tax on the super-rich to pay for it all. What could possibly go wrong?” House Minority Leader Kevin McCarthy announced in a tweet Wednesday that “debt cannot be ‘forgiven.’”

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“It can only be transferred. Someone always has to pay,” the California Republican stated. Ohio Senate hopeful J.D. Vance, who recently got the endorsement of former President Donald Trump, also attacked student loan debt relief.

“Forgiving student debt is a massive windfall to the rich, to the college-educated, and most of all to the corrupt University administrators of America,” Vance tweeted. “No bailouts for a corrupt system.” “Republicans must fight this with every ounce of our energy and power,” Vance said.

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