Biden Cancels $10,000 In Student Loan Debt

FILE – President Joe Biden speaks about the COVID-19 variant named omicron, in the Roosevelt Room of the White House, Nov. 29, 2021, in Washington, as Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases listens. Fauci, the nation’s top infectious disease expert who became a household name, and the subject of partisan attacks, during the COVID-19 pandemic, announced Monday he will depart the federal government in December after more than 5 decades of service. (AP Photo/Evan Vucci, File)

President Biden has announced a plan to cancel up to $10,000 in federal student loan debt for millions of Americans.

Borrowers who earn less than $125,000 per year will be eligible for up to $10,000 in loan forgiveness, while Pell Grant recipients will be eligible for an addition $10,000.

Current students will also be eligible for debt relief, but not future students, the White House says.
Biden will also defer student loan repayments until the end of the year.

Most people will have their debt cancelled automatically, but some will have to apply for debt relief, according to the Education Department.

“Today’s action of getting student loan debt relief to borrowers is about opportunity. It’s about giving people a fair shot.” Biden tweeted, “It’s about making sure folks have the breathing room they need to buy a house, open a business, start a family, and save for their future.”

Is this the right move? Should Biden have taken it further with even more debt forgiveness? Share your thoughts on KGO 810’s Facebook and Twitter.


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