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The White House is moving toward canceling up to $10,000 in student debt for borrowers who are under a roughly middle-tier income bracket.

The plan would forgive this amount in loans for students who earn less than $125,000 a year, multiple sources familiar with the discussions told CNN. The decision to offer the relief could be announced as early as Wednesday, potentially subject to last-minute adjustments.

The Biden administration will probably make an announcement this week about whether the government will extend the moratorium on student-debt repayments, currently suspended until August 31. Some economists, such as former Treasury secretary Larry Summers have warned against prolonging the pause, which he argued could exacerbate inflation.

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In 2021, the Department of Education determined that the executive branch "does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof."

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Werewolf said:

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Biden himself is simply a distraction.

The news can be summarized generally from this summation.

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ncsualum05 said:

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Werewolf said:

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Biden himself is simply a distraction.

The news can be summarized generally from this summation.

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This has already been executed flawlessly. It doesn't matter who believes it or not you can't do anything about it. Just live your life as long as you can. Our freedoms are already more limited than most even realize and we have less and less each year but make the most of it before it gets worse. America is on a decline and it cannot be saved or undone at this point.

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Sources said President Biden’s intended student loan measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually. https://t.co/5pjrfhJqDA

— The Hill (@thehill) August 23, 2022

metcalfmafia said:

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Sources said President Biden’s intended student loan measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually. https://t.co/5pjrfhJqDA

— The Hill (@thehill) August 23, 2022

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PackFansXL said:

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In 2021, the Department of Education determined that the executive branch "does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof."

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The Biden administration needs to adhere to the sworn oath of office to uphold the laws within constitutional limits as well. This is another obvious attempt to pander for votes by violating that oath while expecting lawsuits to block this action. This administration thinks it is part of their national duty to waste taxpayer's money.

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metcalfmafia said:

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Sources said President Biden’s intended student loan measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually. https://t.co/5pjrfhJqDA

— The Hill (@thehill) August 23, 2022

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hokiewolf said:

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FlossyDFlynt said:

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metcalfmafia said:

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Sources said President Biden’s intended student loan measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually. https://t.co/5pjrfhJqDA

— The Hill (@thehill) August 23, 2022

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Address why education is so expensive in the first place (hint - the fed has a LARGE part of it) before any of this nonsense.

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why are we rewarding those who made bad choices with their education selections? Would it not be a better use of my money to go and pay for the guy who learned a trade and became a plumber and pay off his Ford F-150?

This is pandering to a base of rich, white, liberal voters who already vote democratic.

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mrcpack17 said:

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hokiewolf said:

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This is pandering to a base of rich, white, liberal voters who already vote democratic.

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Look I don't have a dog in this fight but forgiving 10k in student debt for folks making less than 125k doesn't scream rich, white, and liberal to me. Either way, boomers are gonna be mad. Either mad that millennials and zoomers aren't buying cars and houses because they are saddled with student debt and their 45k entry level gig can barely pay the ever increasing rent. Or mad that millenials and zoomers are getting a free ride that they didn't have a chance to get because they "made better choices."

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wolfman18 said:

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Wonder what the cost of eliminating accrued interest would be? I'd be more inclined to that...

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FlossyDFlynt said:

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How's he doing it?

Biden is employing a post-9/11 law that allows for debt cancelation "in connection with a war or other military operation or national emergency."

Which emergency? "[T]he present COVID-19 pandemic," per a Dept of Ed memo issued yesterday.

h/t @kathrynw5.

— Steven Portnoy (@stevenportnoy) August 24, 2022

Boy this administration must like getting slapped by the Supreme Court

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TheStorm said:

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hokiewolf said:

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This is going to backfire really well. There are a hell of a lot more people who either paid their debt in full or didn't go to college than people that this pandering money grab is targeted at.

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The "pandering money grab" is oriented towards an overall group that may or may not vote on a regular basis.

They know exactly what they are doing.

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This thread by Jason Furman, who served as the chairman of the Council of Economic Advisers under President Obama, is worth a read:

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Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.

— Jason Furman (@jasonfurman) August 24, 2022