Biden considering student-loan forgiveness of at least $10,000 per borrower through executive action: report
John L. Dorman
April 30, 2022
President Joe Biden is mulling over forgiving a minimum of $10,000 in student loan debt per borrower via execution action, according to individuals with knowledge of the matter who spoke to Bloomberg.
A sweeping debt-forgiveness effort by Biden would represent a massive turnaround from the decidedly cautious approach he has taken on the issue since entering the White House last year. And it would also present a economic and ideological dilemma for the administration, as deficit hawks sense that broad cancellation may worsen inflation issues while many liberal allies might feel that the president’s efforts don’t go far enough.
Per Bloomberg, nothing concrete has been finalized yet, but any cancellation plan that emerges is likely to be oriented toward lower-income and middle-class Americans, per individuals with knowledge of the talks.
