The White House Is Trying to Forgive $10K For Student Borrowers

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Latest White House plan would forgive $10000 in student debt per borrower – The Washington Post.

The White House has drafted an order canceling some student loan debt, but the President has not decided whether to go forward with it. The aides believe that a $125,000 annual income limit is both ‘fair’ and ‘politically smart.’

Biden and his inner circle are nervous about going any bigger in the face of the crisis and want to announce the cancellation of the debt and the end of the moratorium on student loan payments by early summer.

Democrats see a familiar pattern in Biden’s apology: letting himself be defined by the long and tortured process rather than the end result. This is sapping him of political benefit, particularly among younger and Black voters.

Some progressive leaders are already gearing up to voice their disappointment with the final decision on student loan forgiveness, though few involved in discussions have ever believed that $50,000 in relief is possible.

The longer the administration waits to cancel student debt, the less appreciative people will be because they’re continuing to struggle. But $10,000 in debt forgiveness would be sufficient, said Rep. Mondaire Jones. (D. NY)

Biden’s meeting with Senate leaders was consumed by the basics, including how many people forgiveness would affect.

Sen. Elizabeth Warren’s favorite statistics include stressing that 91% of students at historically Black colleges and universities graduate with loans, that only 6% of White borrowers are still paying off their loans after 20 years, and that if Biden cancels the forgiveness program, no one can sue.

Other leaders on the Hill have been trying to calibrate pressure on the White House to cancel the student loan forgiveness program, but Schumer has not called a show vote on the issue despite attending the latest White House meeting.

The White House has been having trouble concealing its own tedium at telling reporters repeatedly that there’s still no decision on the issue of student loan debt.

Democratic operatives are pressing Biden to move on student debt cancellation. Still, the administration is being too lukewarm and flip-floppy, and voters know when Covid is being used as cover for policy wish fulfillment.

A pollster, Marcela Mulholland, argued that Biden still has an opportunity to capitalize on the overwhelming majority of voters who never tune into the Washington back-and-forth and single-issue voters around student debt.

The counter-argument to this plan for those borrowers who are responsible and paid off their loans  is this is a bribe, for irresponsible people, by a desperate president.

For more on this story, consider these sources:

  1. Latest White House plan would forgive $10000 in student debt per borrower  The Washington Post
  2. Biden nears decision on student loans as inflation worries mount  CNN
  3. White House says no decision made on student loan forgiveness  Yahoo News
  4. Editorial: The problem with college debt is that we never fix the causes  Los Angeles Times
  5. As Biden administration leans toward $10,000 in student loan forgiveness, advocates push back  CNBC
  6. View Full Coverage on Google News
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