In the face of ongoing pressure to forgive student loans, President Joe Biden is planning to cancel up to $10,000 in federal student loans per borrower, according to the Washington Post.
Under the White House’s current plan as reported by the Post, only Americans who earned less than $150,000 in the previous year will be eligible for student debt forgiveness. However, no final decisions have reportedly been made yet.
Biden reportedly wanted to announce the plan during his upcoming commencement speech at his alma mater, the University of Delaware, on Saturday.
However, the elementary school massacre in Uvalde, Texas on Tuesday prompted Biden to put that announcement on hold, the Post reports.
CNN confirms that White House officials have drawn up an order for canceling some student debt and are waiting for Biden to make a final decision on it.
The reported plan comes as Democrats, particularly Senate Majority Leader Chuck Schumer (D-NY) and Elizabeth Warren (D-MA), pressure Biden to act on his campaign promise to forgive at least $10,000 in student loans. Schumer’s been urging the President to go further and forgive up to $50,000.
Speculation around Biden’s plan for student debt skyrocketed last month after the President told Democratic lawmakers in a private White House meeting that he was open to forgiving tens of thousands of dollars in student debt in the coming months.
Loan payments and interest are scheduled to continue at the end of August after being put on pause during the COVID-19 pandemic.