Biden closes in on student loan forgiveness plan
The discussions have lasted months and may possibly alter. However, an announcement might be made as soon as Wednesday.
According to several sources familiar with the idea, the White House is planning to announce a student loan relief
package as early as Wednesday that will erase up to $10,000 for some students and extend the current loan repayment freeze.
According to the people, the contents of the widely anticipated proposal are still in flux due to a frantic, last-minute internal dispute over how to frame the policy.
The White House has concentrated on erasing $10,000 in student debt for borrowers earning $125,000 or less each year, which would completely eliminate student debt for millions of Americans.
Several persons familiar with the administration's deliberations stressed that President Joe Biden had not made a final decision on major components of the debt relief scheme by late Tuesday evening.
Officials from the Education Department have already advised loan servicers to hold off on sending borrowers bills regarding their payments resuming in September.