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President Joe Biden set to make student loan announcement: reports

President Joe Biden is preparing to announce his plan to forgive up to $10,000 in student debt for those who qualify based on income, The Washington Post reported, citing three sources.

White House staffers have prepared plans but are waiting for the president to decide, according to CNN.

The policy should come with strings attached, applying only to those earning less than $150,000 in income, according to the Post. CNN reports that the income cap could be even lower at $125,000.

Biden, who is scheduled to speak at the University of Delaware opening on Saturday, had hoped to announce his plan during the speech, but the shooting in Uvalde, Texas, that killed 19 students and two teachers on Tuesday forced the administration to change course, the Publish reports.

“No decision has yet been made,” White House spokesman Vedant Patel said in a statement to the newspaper on Thursday. HuffPost has reached out to the White House for comment.

But some progressive Democrats are growing impatient.

“The longer the administration waits — apparently because it determines how many people to exclude from a cancellation program — the less people will appreciate, as they continue to struggle all this time,” said Rep. Mondaire Jones (DN .Y.) told CNN.

The inflationary pressures facing U.S. households pose an additional challenge for the administration, and there are fears that any action to cancel student debt will add to that, amid concerns about a possible recession in the United States.

In April, Biden said the White House was weeks away from announcing his student loan action plan.

“I plan to face some debt reduction. I’m not looking at $50,000 in debt relief,” Biden told reporters on April 28. “I’m looking closely at whether or not there will be additional debt relief, and I I’ll have a response on that within the next two weeks.

The $10,000 figure reported by the Post is in line with what Biden campaigned on in 2020, but still significantly lower than many Democratic lawmakers have been calling for.

“I’m going to make sure everyone gets $10,000 off their student debt,” Biden told a Miami town hall in October 2020.

The Biden administration has suspended student loan payments until August 31, continuing a policy that was first introduced at the start of the pandemic.



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