Biden Considers Income Caps for Loan Forgiveness

President Biden is considering an income cap of either $125,000 or $150,000 for individuals as he is preparing a student loan relief plan, The Washington Post reported. For couples, the cap would be $250,000 or $300,000. Much of the plan remains uncertain, including how much relief would be provided. Biden has earlier endorsed $10,000 of loan relief per person. Biden said last week that the amount would probably be less than $50,000 per person. The administration has also discussed making any loan forgiveness apply only to undergraduate loans.