Thousands in student loan debt could soon be wiped out for millions of Americans.
Cole Higgins has the latest.
“We need student loan forgiveness beyond the potential $10,000 your administration has proposed. We need at least a $50,000 minimum. What will you do to make that happen?”
“I will not make that happen.”
It’s been a testy topic President Biden has faced since taking office..
Now, he’s expected to make a long-awaited announcement on student loans as soon as Wednesday according to a source familiar with the plans..
White House officials have been weighing, and leaning toward, the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold..
“The President understands how student loans could affect a family and how the pressure of that can really be a lot and put a lot of weight on a family’s person or economic situation.
So, we understand that he is making he is going to make his decision on this.”
Financial experts are sounding the alarm that canceling student debt will make it harder to drive down historic inflation
“A more targeted approach would focus on income-driven payments and college affordability in the first place. That means pushing college to accept more ap credits and transfers from community colleges, more no frills degrees, cutting out administrative waste. We need to make college affordable, not send a $10,000 gift to people that already have in many cases already advanced degrees.”