Biden confirms that he is approaching a decision on student loan forgiveness and says the extension of payment suspension is “on the table”


President Joe Biden will speak to reporters on Monday, May 30, 2022, when he returns to the White House from Delaware in South Lawn, Washington.

President Joe Biden will speak to reporters on Monday, May 30, 2022, when he returns to the White House from Delaware in South Lawn, Washington.Andrew Harnick / AP

  • Biden confirmed to reporters that he was approaching a decision on student loan forgiveness.

  • He said there was another extension of the student loan payment suspension “on the table”.

  • Biden may announce relief in July or August, near the time payments will resume.

President Joe Biden has confirmed that a decision affecting millions of student loan borrowers is imminent.

While walking along the waterfront of Rehoboth Beach, Delaware, Biden took a few minutes to chat with the media on topics ranging from collective bargaining to gas rebate cards on Monday. He also acknowledged the announcement of his long-awaited student loan forgiveness.Recent reports suggestion Biden is considering a $ 10,000 bailout for borrowers under $ 150,000 a year, and the White House has not publicly confirmed the plan, but Biden has Said “Yes,” the reporters said, he is about to announce.

The reporter also asked the president if he was considering another extension of the suspension of student loan payments, which is currently due to expire after August 31st.

“Now everything is at the table,” Biden replied.

Recent Wall Street Journal report Biden plans to announce a student loan bailout in July or August, near the time when student loan payments will resume.This came after Biden Said A reporter in April said the decision to forgive a loan would be made “within the next few weeks.” Since then, supporters and many Democrats have urged the president to use this time to make major efforts to bail out, rather than sticking to the $ 10,000 amount he promised in the campaign trail.

For example, New York Rep. Alexandria Ocasiocortes previously said that Democrats “work better” than $ 10,000 debt relief. I have written In her Instagram article last weekend, “A half-hearted approach isn’t much better than nothing, and it’s a kind of wasteful policy because it uses resources better elsewhere. We push people to actually experience the benefits of the policy. ” She refers to student loan forgiveness.

Massachusetts Senator Elizabeth Warren has advocated a $ 50,000 bailout. Said That amount of Philadelphia Inquirer was “the number that gave most people the most peace of mind.” Biden said in April that he wasn’t considering a $ 50,000 bailout, but Democrats like Warren are still demanding more.

In the meantime, many Republican He denounced the idea of ​​a wide range of student loan bailouts and argued that it would hurt the economy and cost taxpayers. Democracy When Republican Parliamentarians are also asking Secretary of Education Miguel Cardona for information on how they are ready to carry out forgiveness after the Ministry of Education has been implemented.

“You said you’re ready to act on the student loan forgiveness, but you’re only ready if you know the plan. So what’s this plan?” Virginia Foxx, Top Republican of the Board of Education I have written To Cardona.

Cardona Said A few weeks ago he was “ready to roll” with Biden’s decision, but he I got it “At some point, people will have to start paying what they can afford,” he said last month.

Read the original article Business insider

Posted on