10 things you need to know today: August 25, 2022

Biden unveils plan to forgive $10,000 in student loans for most borrowers, Uvalde school board fires embattled police chief, and more

Joe Biden, Miguel Cardona
(Image credit: Bonnie Cash/UPI/Bloomberg via Getty Images)

1. Biden forgives $10,000 in student loan debt for most borrowers

President Biden on Wednesday announced his long-awaited plan to cut federal student loan debt, saying he will forgive $10,000 for borrowers earning under $125,000 a year, or couples making under $250,000. Biden also said recipients of Pell Grants who make less than $125,000 annually will be eligible for another $10,000 reduction. Biden said the plan will help middle-class Americans "saddled with unsustainable debt." He also announced the extension of a pandemic-era pause of student loan payments through the end of the year. Advocacy groups praised the plan, although some called for erasing more debt. Republicans opposed the program, independently estimated at $300 billion over a decade. House Minority Leader Kevin McCarthy (R-Calif.) called it a "debt transfer scam."

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.