White House Considering Student Loan Forgiveness Up to $10,000

On Wednesday, president Biden announced that the White House is considering student loan forgiveness for up to $10,000. According to the New York Times, Biden said that “he would cancel $10,000 in debt for those earning less than $125,000 per year and $20,000 for those who had received Pell grants for low-income families.”

CNBC has reported that the U.S. current loan debt “exceeds $1.7 trillion, with 40 million Americans in debt for their education.” Administration officials stated that a definitive decision has not been made, but it would be announced before the end of August. The White House has yet to make any further comments.