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Biden could reportedly cancel up to $10,000 in student debt for borrowers making under $125,000 with a responsible financial plan and putting the money towards their loan payments over time

A CNN report discusses when the decision on Biden’s broad student-loan forgiveness will come.



Director of Youth and College Wisdom Cole said that if “student debt repayments can be paused over and over and over again, there’s no reason the President cannot cancel a minimum of $50,000.” This follows 107 Democratic lawmakers’ request for Biden to extend the payment pause at the end of July.

Biden’s advisors have voiced concern about the potential inflationary effects of any debt relief, so in April he ruled out erasing as much as $50,000 in student debt. White House economic adviser Jared Bernstein told The New York Times that canceling student debt and resuming payments at the same time was being considered because “the net inflationary effect should be neutral.”

As the Education Department has recently instructed student-loan companies to cease messaging regarding the payment restart, there is still speculation that the payment pause will be extended. Advocates have voiced concern over the possibility of income-based targeting of the relief, despite documents obtained by Politico recently showing the department’s readiness to implement relief once announced.

Those who need loan forgiveness the most may be excluded by administrative requirements such as applications and income verifications. Mike Pierce, executive director of the non-profit Student Borrower Protection Center, previously told Insider, “You’re not making the policy more progressive because of how hard it’s going to be for folks to demonstrate that they have a low enough income to benefit.”

Student loan news is expected to be announced before the end of August, though the White House could reverse course at any time before then.