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5 things to know about Biden’s promise to cancel student debt

5 things to know about Biden’s promise to cancel student debt

The Hill

Lexi Lonas
April 29, 2022
President Biden is rumored to be contemplating $10,000 in student loan forgiveness per borrower two years after promising relief to millions of Americans during his 2020 presidential campaign.
However, the debt forgiveness has been slow-coming, with progressives pestering the president to deliver on his campaign promise since he took office.
The issue is shaping up to become a hot topic before midterms, here’s what you should know about Biden’s promise on student loan debt:
Biden is looking at $10,000 in relief, possibly more
Sources familiar with the situation told The Hill on Friday that Biden is considering canceling $10,000 in student loan debt per borrower.
“But the door has been open to possibly larger,” one source told The Hill. “Lots of options on the table. They are doing a lot of listening right now.”
Biden said earlier this week he would have more to say on the topic in the coming weeks, but tempered expectations of some Democrats who have been pushing for $50,000 in relief.
“I am considering dealing with some debt reduction,” Biden said. “I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness and I’ll have an answer on that in the next couple of weeks.”
Biden promised $10,000 for student debt forgiveness during his presidential campaign in 2020, when other opponents were advocating for $50,000 in relief or total cancellation.
Biden keeps extending student loan freeze
Biden has been attempting to take the pressure off forgiving debt by extending the freeze on student loan payments that was enacted during the start of the coronavirus pandemic.
The payments were first put on pause by the Trump administration in 2020, and Biden has extended the moratorium twice.
The first time Biden extended the pause on payments was in December, and they were set to begin again May 1. He again extended the payments earlier this month and said they will go back into place Aug. 31.
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