Student Loan Debt Relief Could Be Announced as Early As Wednesday

WASHINGTON, D.C. — It looks like The White House may tie student loan debt relief to an income threshold.

Sources say the Biden Administration is leaning towards canceling up to $10,000 in student loan debt for every borrower, but they have to earn less than $125,000 a year.

President Biden’s plan could be announced as soon as Wednesday.

Sources also report White House officials are looking at offering additional forgiveness for some other borrowers.

Critics say it’s not fair to those who worked to pay off their loans or chose not to attend a four year college and say the problem is skyrocketing education costs.

“If you gave every kid in America $1,000 to go towards their next semester of college, the price of college goes up a $1,000,” said Republican U.S. Sen. Kevin Cramer of North Dakota.

The current pause on federal student loan payments is set to expire August 31.