Biden to share decision on student loan moratorium, forgiveness this week: Report

(Image credit: Supachok Pichetkul / EyeEm)

published 23 August 2022

For those waiting for a decision regarding their student loans, it looks like an update could be coming any day now.

President Biden is expected to announce as early as Wednesday whether or not his administration will be forgiving up to $10,000 in student debt or extending the current repayment moratorium, Reuters reports per a source familiar with the matter.

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Forgiving just $10,000 in debt for certain individuals would fail to satisfy progressive calls to forgive up to $50,000 per borrower — but it's certainly better than nothing. Meanwhile, Republicans have opposed any plan for widespread debt forgiveness, arguing that such a move is unfair to anyone who either paid off their loans or didn't go to college, and could also worsen inflation, notes the Journal.

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Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.

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