Biden to share decision on student loan moratorium, forgiveness this week: Report
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.
The current payment pause is set to expire on Aug. 31, and borrowers have been eagerly awaiting news of an expected extension. Student debt relief advocates also think Biden will announce a plan to forgive as much as $10,000 for borrowers that make under $125,000 a year, Reuters writes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But as for what actually happens ... well, only time will tell. The White House has kept details of the decision close to its proverbial chest, The Wall Street Journal writes, and "only a small group of Mr. Biden's top aides have been informed of his plans."
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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
A growing iodine deficiency could bring back America's goiter
Under the Radar Ailment is back thanks to complacency, changing diets and a lack of public-health education
By Harriet Marsden, The Week UK Published
-
Today's political cartoons - November 10, 2024
Cartoons Sunday's cartoons - civic duty, uncertain waters, and more
By The Week US Published
-
5 ladylike cartoons about women's role in the election
Cartoons Artists take on the political gender gap, Lady Liberty, and more
By The Week US Published
-
Fed cuts rates, chair says he won't quit if Trump asks
Speed Read Jerome Powell was noncommittal on future rate cuts that were expected before Trump won the election
By Peter Weber, The Week US Published
-
'The problem with deliverism is that it presumes voters will notice'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Judge revives plea deal for 9/11 suspects
Speed Read A military judge has ruled to restore the plea deals struck by 9/11 mastermind Khalid Sheikh Mohammed and two co-conspirators
By Peter Weber, The Week US Published
-
Harris concedes as world prepares for Trump's return
Speed Read Vice President Kamala Harris told supporters it was important to 'accept the results of this election'
By Rafi Schwartz, The Week US Published
-
Abortion rights measures go 7 for 10
Speed Read Constitutional amendments to protect abortion passed in seven states but failed in three others: Florida, Nebraska and South Dakota
By Peter Weber, The Week US Published
-
Netanyahu fires defense minister, sparking protests
Speed Read Yoav Gallant and Netanyahu have clashed for years. The Israeli prime minister first tried to fire the defense minister in 2023, but backed off following a public outcry.
By Rafi Schwartz, The Week US Published
-
Trump wins, GOP flips Senate, House a tossup
Speed Read The Republican candidate flipped back the swing states he lost to President Joe Biden in 2020
By Peter Weber, The Week US Published
-
Supreme Court to resolve Louisiana gerrymander
Speed Read The court will hear a case challenging the second majority-Black district in the state
By Rafi Schwartz, The Week US Published