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Biden Set To Announce Student Debt Forgiveness Package-BBG

WHITE HOUSE

BBG reporting that President Joe Biden is set to announce a student debt forgiveness package later today, stating that USD10k will be forgiven per student for those earning under USD125k/year, rising to USD20k in forgiveness for those in receipt of Pell Grants.

  • BBG: "The president...will also extend the moratorium on repaying student-loan debt for four months through Dec. 31, people familiar said. It would be the final pause that Biden backs, according to a person familiar with the matter."
  • The announcement could come just weeks before the Labor Day holiday weekend in early September, often viewed as the starting gun for the midterm Congressional election campaigns to begin in earnest.
  • Student debt forgiveness has long been a major political aim for the progressive wing of the Democratic Party, but calls already that the amounts to be wiped off debtors slates are too small.
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