here's who could benifit if biden announces to cancel $10,000 in student loan
The White House said Biden will announce on Wednesday that he will cancel up to $10,000 of student debt for millions of people and up to $20,000 of debt for low-income borrowers who previously received a Pell grant.
Biden sain in a tweet, "In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,"
Biden's twitter post further announced an extension of the pause on student debt payment through Dec 31,2022.
On tuesday afternoon, U.S secretary Cardona told in an interview that "We recognize it's an important issue for many families. And we want to make sure that they get the information directly from the president."
A law professor John Brooks who focuses on federal fiscal policy."A lot depends on the size of the cancellation. The smaller the amount of cancellation, the easier the question is."
Brooks said. "Wiping out all student debt with a single stroke might be tougher, but the president through the secretary of education does have the power to adjust the amount of loan principle that any borrower has."
Acording yo an analysis done by the vice president of edu data and policy at the Urban Institute, Mathew Chingos about 19 % of household that have total earning less then $125,000 have student loan.
biden has consistently under pressure by his own party to cancel $50,000 per borrower. it was a historic moment for borrowers when president announce this news.