President Biden will likely make his decision on partial student loan forgiveness for millions of borrowers later this summer, administration officials told the Wall Street Journal.
Officials reportedly told WSJ that the President is looking to announce his plans in July or August, closer to when loan payments and interest are scheduled to resume at the end of August after being put on pause during the COVID-19 pandemic. Biden and his senior advisers are reportedly continue to weigh potential political and economic backlash in response to any student loan forgiveness-related decision.
A range of proposals have been drawn up by White House officials, administration officials and others familiar with the matter told WSJ. The President has yet to make a final decision.
WSJ’s report comes weeks after a number of leaks on the President’s thinking regarding federal student loan debt forgiveness in recent weeks, suggesting efforts by the White House to take the temperature before finalizing a plan. The President previously said in late April he was closing in on a decision to cancel some student loan debt and would make a decision in the next couple of weeks.
Late last month, the Washington Post reported that the President was on the cusp of canceling up to $10,000 of federal student loans per eligible borrower. The relief would reportedly be income-targeted to single people who earned less than $150,000 in the previous year.
The President reportedly planned to announce his decision during his commencement speech at his alma mater, the University of Delaware, late last month.
Biden ultimately held off on the announcement in light of the elementary school massacre in Uvalde, Texas earlier that week, the Post reported.
The President has been clear about his rejection of a proposal backed by Senate Majority Leader Chuck Schumer (D-NY) and Elizabeth Warren (D-MA) to cancel up to $50,000 in student loans. Biden has also expressed disinterest in forgiving loans for students of elite universities.
Mick is thrilled….
Fox host Jesse Waters reveals the President’s glaring failure!
Watters: He’s not even playing golf like other Presidents. He can play at any course he wants to and he doesn’t even play golf. It’s like he’s given up and the American people see it https://t.co/1oedUQJXxu
This is a tricky decision: Would I want to protect sharks [read: financial institutions] who took advantage of naive, gullible, impulsive and easily sold teenagers/young adults — I’ve heard the professionally delivered spiels; “You want even have to pay anything back until you’re making bank!” and protect the architects of the carve-out in bankruptcy laws to ensure student loans will burden people forever?
Hmm.
“But what if people abused the system? What if they had bigger loans than other people? Should we let them all off scot free?” Conservatives actually ask this in earnest, without a whit of shame or irony, despite their savior’s well-publicized defaults on billions — and then suing his lender for loaning him the money!
I’d treat it like a BAND-AID® ripped off all at once. I’d pull out my pen, sign and Executive Order wiping all of them out — while watching those dollars further simulate and already chugging economy — and be very blunt in answering the opposition’s criticism.
“Wah. It’s done. Get used to it.”