Biden to announce decision on student loan debt, affecting millions of borrowers
August 24, 2022
WASHINGTON - President Joe Biden will announce a decision on Wednesday about his plans for student loan debt relief, a highly anticipated moment that could affect about 45 million borrowers nationwide, according to people familiar with the matter.
Although details of the plan were still being finalized, White House aides have said Biden was weighing a targeted plan that would provide $10,000 of debt relief for borrowers who make below a certain level of income.
Biden also is expected to extend a pause on loan payments for all borrowers, a Trump-era program that has been in effect since the start of the pandemic.