Biden is expected to announce a plan on Wednesday to forgive $10,000 in debt for Americans with federal student loans who make $125,000 per year or less.
Schumer on Tuesday called the president, who is currently on a summer vacation in his home state of Delaware, and urged him to forgive the largest amount of debt possible, a Democrat with knowledge of the call told AP. The Democratic Senate leader reportedly argued that eliminating a larger amount of debt"was the right thing to do morally and economically.
Biden is also reportedly expected to extend until January the pause on student loan repayments, which was set to expire on August 31. While additional details of the plan were not publicly available on Tuesday, reports that the president would be forgiving $10,000 in loans was met with a mixed reaction that varied significantly depending on political ideology. Some progressives were less than pleased that Biden was unwilling to wipe out all student debt.
Senator Majority Leader Chuck Schumer and President Joe Biden are pictured during the signing ceremony for the Inflation Reduction Act at the White House in Washington, D.C., on August 16, 2022. Schumer reportedly called Biden on Tuesday to urge him to forgive as much student debt as possible.
If SoFI, a student loan refinancing company, could give its CEO a 92% raise last year paying him a grand total of $103 million in compensation and spend $625 million to put its name on the LA Rams football stadium, you know what President Biden can do? Cancel all student debt.
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