President Biden To Cancel Student Debt For Millions More Americans
HuffPost
Together with past actions, the administration estimates it will provide relief to 30 million Americans.
President Joe Biden plans to announce a sweeping new round of student-debt cancellation measures at a Monday appearance at a community college in Madison, Wisconsin, aiming to provide at least some student debt relief to nearly one-in-ten Americans.
Specifically, the administration intends to, among other things, cancel interest payments for some 25 million Americans who owe more money in student debt now than they did when they first took the loans out; cancel the debts of over 2 million Americans, who are eligible for debt forgiveness through federal programs like the SAVE Plan but are not yet taking advantage of it; and forgive the loans of about 2 million Americans with student debts that are older than 20 years. Combined with prior measures, Biden’s plans mean he will have reduced student debt for 30 million people.
“When I think about all the possibility and all the potential we can unlock when young people see that they can afford and access higher education, I think this work is nothing short of transformative,” Secretary of Education Miguel Cardona told reporters on a press call on Sunday night. “That’s why we’re unapologetic about this fight. Student loan forgiveness isn’t only about relief for today’s borrowers. It’s about social mobility, economic prosperity, and creating an America that lives up to its highest ideals.”
The administration’s proposed interest cancellation alone would have sweeping effects. Households with all incomes would be eligible for up to $20,000 in forgiven interest payments and two-person households making up to $240,000 would be able to have their entire accrued interest forgiven regardless of size.
Overall, due to this newest set of changes, the Biden administration estimates that more than 10 million people would get over $5,000 in debt forgiven, including 4 million people who would have their outstanding debts entirely forgiven.
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