White House leaning toward canceling $10,000 in student loan debt for borrowers who make less than $125,000
White House officials have been weighing -- and leaning toward -- the cancellation of up to $10,000 in student loan debt per borrower tied to an income threshold, CNN has learned.
According to multiple sources familiar with the discussions, the plan is designed to offer the forgiveness to individuals who earn less than $125,000 per year.
In addition to that baseline of student loan debt forgiveness for individuals who fall under a certain income level,
administration officials have also recently discussed the possibility of additional forgiveness for specific subsets of the population,
according to sources familiar with internal discussions in the administration. The announcement could come as early as Wednesday,
but it is not clear that a final decision on the details of the announcement -- as well as the timing
has been made, and there could always be eleventh hour changes. The White House is also expected to address in the coming
days whether to extend again the current pause on federal student loan payments, which is set to expire on August 31.
Education Secretary Miguel Cardona said Sunday that Americans can expect a decision from the administration on student loans in the "next week or so."
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