Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Reports say that Biden plans to cancel up to $10,000 in student loan debt

Marian RomainebyMarian Romaine
August 24, 2022
in News
0
Reports say that Biden plans to cancel up to $10,000 in student loan debt
Share on FacebookShare on TwitterShare on Whatsapp

A plan to forgive thousands of dollars in student loan debt for borrowers who earn less than $125,000 annually is anticipated to be unveiled by President Biden on Wednesday, according to a report. CNN originally reported late Monday that the president would make the decision when he returns to Washington from his Delaware beach residence on Wednesday, citing numerous sources involved with the conversations. 

It wasn’t immediately obvious if there will be any alterations done beforehand. 

Bloomberg and Reuters also reported that the president would make a statement Wednesday, but did not disclose any other specifics. Miguel Cardona, the secretary of education, first said on Sunday that a decision on whether to forgive student debt or continue the loan payment moratorium will be made in the next week. If Biden will speak on Wednesday, the White House did not immediately confirm to The Washington Post, but it did state that he “will have more to say on this before August 31.” 

Since March 2020, when then-President Donald Trump ordered a halt to collections due to the start of the COVID-19 pandemic, loan payments have been suspended. 

Republicans and the Committee for a Responsible Federal Budget warned Biden against repeatedly extending the moratorium, and he is now under pressure from his party to pay off the debt entirely. Progressives have asked Biden to cancel loans totaling up to $50,000 for each borrower, but the president has rejected this idea. 

According to CNN, student loan payments will likely begin after the 2022 midterm elections even if Biden decides to prolong the moratorium once again. The Committee for a Responsible Federal Budget issued a warning in March that prolonging the repayment freeze once more would make inflation worse. 

According to an estimate released on Tuesday by the Penn Wharton Budget Model, canceling student loan debt will cost the federal government between $300 billion and $980 billion over ten years, with up to 73% of the cancellations going to households with incomes in the top 60% of the US.

Tags: 00010Bidencancelloan debtplansreportsstudent
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

Related Posts

New Mexico Flooding Leaves 3 Dead
News

New Mexico Flooding Leaves 3 Dead

July 9, 2025
Turkey Bans Elon Musk's Grok AI Over Erdogan Insults
News

Turkey Bans Elon Musk’s Grok AI Over Erdogan Insults

July 9, 2025
US Airports Relax TSA Shoe Screening Requirement
News

US Airports Relax TSA Shoe Screening Requirement

July 8, 2025
Next Post
Prominent Nigerian Islamic Cleric Murdered by the Soldier He Gave a Ride

Prominent Nigerian Islamic Cleric Murdered by the Soldier He Gave a Ride

FRSC Declares Rotational Number Plates as Illegal.

FRSC Declares Rotational Number Plates as Illegal.

Brain Drain: The Federal Government Denies Scarcity of Doctors

Brain Drain: The Federal Government Denies Scarcity of Doctors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FG Moves to Adopt the Naira Crude Sales Policy

FG Moves to Adopt the Naira Crude Sales Policy

11 months ago
Governor Fintiri issues a calm plea as INEC suspends the collation of results in Adamawa

Governor Fintiri issues a calm plea as INEC suspends the collation of results in Adamawa

2 years ago
U.S. Government Threatens TikTok Owners with App Ban 

U.S. Government Threatens TikTok Owners with App Ban 

2 years ago
Oil Tanker Sinks Near Manila, Triggering Major Environmental Crisis

Oil Tanker Sinks Near Manila, Triggering Major Environmental Crisis

12 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) abuja apc Arsenal buhari Business cbn chelsea china court Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump UK ukraine US
No Result
View All Result

Highlights

Presidency Defends Shettima’s Speech Amid Rivers State Fallout

Israel: Forced Gaza Relocation Order Draws International Backlash

Is This 2025 JAMB Top Scorer Being Framed? JAMB’s Dubious Case Against Chinedu Okeke

Liverpool Have Set A Price For Diaz, Nottingham Forest Introduce Jair Cunha as the Summer Transfer Market Gets Hotter

NNPC May Sell Refineries Amid Mounting Failures, Says Ojulari

June Salaries Delay: Accountant General Blames Zenith Bank Glitch

Trending

Liverpool Retire No. 20 Shirt in Historic Tribute to Late Star Diogo Jota
Sports

Liverpool Retire No. 20 Shirt in Historic Tribute to Late Star Diogo Jota

byHashim Kolawole
July 12, 2025
0

Liverpool Football Club have also confirmed that they will no longer use the number 20 shirt as...

THE KELOID DILEMMA: HOW TO WEAR PIERCINGS SAFELY WHEN YOU'RE PRONE TO SCARRING

THE KELOID DILEMMA: HOW TO WEAR PIERCINGS SAFELY WHEN YOU’RE PRONE TO SCARRING

July 11, 2025
Okpebholo Targets Obaseki With Fresh Probe

Okpebholo Targets Obaseki With Fresh Probe

July 11, 2025
Presidency Defends Shettima’s Speech Amid Rivers State Fallout

Presidency Defends Shettima’s Speech Amid Rivers State Fallout

July 11, 2025
Israel: Forced Gaza Relocation Order Draws International Backlash

Israel: Forced Gaza Relocation Order Draws International Backlash

July 11, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Liverpool Retire No. 20 Shirt in Historic Tribute to Late Star Diogo Jota
  • THE KELOID DILEMMA: HOW TO WEAR PIERCINGS SAFELY WHEN YOU’RE PRONE TO SCARRING
  • Okpebholo Targets Obaseki With Fresh Probe

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com