Biden Reportedly Planning To Announce $10K Student Loan Forgiveness Plan

President Joe Biden has faced pressure from progressives in his own party to forgive most, if not all, of the nation’s outstanding student loans, though he has not shown much interest in approving such a sweeping decree.

Nevertheless, White House insiders have signaled that the president will soon be announcing a decision regarding the current loan repayment pause, which is set to expire at the end of the month.

According to recent updates, Biden’s announcement could come as soon as Wednesday and is expected to include an announcement that up to $10,000 in student loans will be forgiven for individuals who currently earn less than $125,000 annually. Those making considerably less than that amount could have even larger loan amounts erased.

Thus far, the Biden administration has been coy regarding the details of Biden’s plan, though Education Secretary Miguel Cardona said on Sunday that White House officials “have been talking daily” about the issue.

“I can tell you that the American people will hear within the next week or so from the president and the Department of Education on what we will be doing around that,” he told NBC News anchor Chuck Todd.

Biden campaigned on a promise to wipe out upt to $10,000 in student loans, as he indicated in a social media post in March 2020.

While many progressives have urged Biden to go even further in forgiving student loans, many critics on the right say such plans would be unfair to Americans who have either paid off their loans or chose not to go to college.

In April. U.S. Rep. Virginia Foxx (R-NC) denounced the Biden administration’s plan to continue its pandemic-related pause on student loan repayment, explaining: “The outrageous extension of this moratorium contradicts the administration’s promise to the American public and without any basis other than the president’s sinking poll numbers.”

At around the same time, Sen. Tom Cotton (R-AR) described the president’s “perpetual student loan payment moratorium” as “an insult to every American who responsibly paid debts.”

While Rep. Glenn Grothman (R-WI) believes that the “educational establishment” is responsible for encouraging young adults to take out massive loans for college and has proposed a bill to address the issue, he recently said that loan forgiveness “is particularly insulting to Americans who paid their loans or never attended college, and they deserve an explanation.”