President Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January.
The administration of President Joe Biden is set to make a decision about extending the pause on federal student loan payments by the end of this month, along with the possibility of canceling some student debt.As college students return to campus across the nation, many are wondering if federal student loan payments put on pause during the pandemic are about to resume too.
The plan would likely eliminate student debt entirely for millions of Americans and wipe away at least half for millions more. Biden was initially skeptical of student loan debt cancellation as he faced off against more progressive Democratic Sens. Elizabeth Warren and Bernie Sanders, who had proposed cancellations of $50,000 or more, during the 2020 primaries.
In his pitch, Schumer argued to Biden that doing so was the right thing to do morally and economically, said the Democrat, who asked for anonymity to describe a private conversation. She described student debt as a "gateway issue" for younger voters, meaning it affects their views and decisions on housing affordability and career choices. A survey of 18- to 29-year-olds conducted by the Harvard Institute of Politics in March found that 59% of those polled favored debt cancellation of some sort — whether for all borrowers or those most in need — although student loans did not rank high among issues that most concerned people in that age group.
Combined with fears about expanding abortion restrictions and Trump’s reemergence on the political scene, Della Volpe said student debt forgiveness "adds an additional tailwind to an already improving position with young people."
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