According to a Friday story from The Washington Post, President Joe Biden plans to cancel $10,000 in student loan debt per borrower.
According to unnamed sources familiar with the situation, Biden planned to unveil the new student debt forgiveness plan at the University of Delaware’s graduation ceremony on Saturday, but postponed his decision after a school massacre in Uvalde, Texas on Tuesday. The existing debt relief scheme would apply to Americans who earned less than $150,000 in the previous year, as well as married couples earning less than $300,000 in joint files.
According to The Washington Post, the debt forgiveness plan is not final and could change.
During the COVID-19 outbreak in April, President Joe Biden extended a moratorium on student debt payments until August 31. The Washington Post noted that if the new forgiveness scheme is confirmed, it is unclear if the moratorium will be lifted or extended.
Democrats in Congress have pressed Biden to order the Department of Education to forgive millions of dollars in student debt, alleging that the burden disproportionately affects working-class and minority populations. According to research, upper-middle-class and white Americans hold the vast majority of college debt.
This is a preceding summary of an original article that appeared on Daily Caller.