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Joe Biden President Joe Biden unveiled a plan on Wednesday to cancel $10,000 in student loans per borrower earning under $125,000, as well as $20,000 per borrower who paid for college using Pell Grants.
White House officials had been weighing the move for months before officially landing on the $10,000 figure, according to a report from CNN, though some Democratic lawmakers have supported canceling up to $50,000 per borrower. Biden also decided to extend the pause on federal student loan repayment to January 2023, while borrowers with undergraduate loans can cap repayment at 5% of monthly income.
Biden said on social media that the policies keep with his campaign promise to eliminate $10,000 of student debt per borrower and will “give working and middle class families breathing room.”
Nixing $10,000 of debt per borrower would cost $298 billion in 2022 and a total of $329 billion by 2031 if the policy is renewed each year, according to a nonpartisan analysis from the University of Pennsylvania’s Wharton School. Less than 32% of the funding would benefit Americans in the two lowest income quintiles, while 42% would benefit those earning more than $82,400 per year.
Indeed, a report from the Brookings Institution observed that one-third […]
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