Biden to wipe out $10,000 in student loan debt for many borrowers

Contributing sentiments towards policy:

57% : In March 2020, President Donald Trump issued an emergency pause on student loan repayments, which has now been extended several times by both administrations.
55% : The decision comes one week before the expiration of a pause of student loan repayments put in place at the beginning of the coronavirus pandemic.
54% : Biden also announced his administration is extending a pause on student loan repayments until Dec. 31.
53% :Earlier this month, more than 100 Senate and House Democrats urged the Biden administration to extend the pause on repayment of student loans beyond the Aug. 31 deadline.
52% : The lawmakers argued that due to inflation and the ongoing coronavirus pandemic, student loan borrowers should get an extension on pausing their loan payments.
50% : Despite numerous reports in recent weeks that Biden would take action on student loans, the White House had remained silent, but on Wednesday the president tweeted out his decision, prior to his remarks.
50% :More than 43 million Americans have student loan debt, and the Federal Reserve estimates that the total U.S. student loan debt is more than $1.75 trillion.
48% : "Without reversing the chronic underinvestment in higher education that has driven up tuition costs, and without fixing our student loan system that has made student loans more expensive to take out and harder to pay off, students will continue to take on more debt and borrowers will continue to face rising debt levels," Scott said.
45% :The cancellation of student debt will only apply to current borrowers, not future ones, and income levels for the 2020 and 2021 tax years will be considered, a senior administration official said during a Wednesday call with reporters.
45% :She has previously said that the president does not have the authority to cancel student loans and that the process needs to be done through Congress.
45% : House Education and Labor Committee Chairman Bobby Scott, a Virginia Democrat, said that while the student loan cancellation will provide relief for borrowers, it doesn't solve the "underlying problems that caused the student debt crisis in the first place," such as high tuition costs.
42% : He also promised he would "immediately cancel a minimum of $10,000 of student debt per person," but this recent student debt announcement comes two years into his administration and only after continual pressure from congressional Democrats and advocates.
42% : While the Democrat-controlled House likely could pass legislation canceling some portion of student loan debt, the evenly divided Senate would need all 50 Democrats on board along with an additional 10 Republicans to get a bill to the president's desk.
42% : "President Biden isn't canceling student debt, he's shifting the costs to the taxpayer and to those who worked to pay off their loans in full.
41% : Some congressional Democrats have urged the White House to cancel up to $50,000 worth of student loans, arguing that because about 92% of that debt is held by the Department of Education, the administration has the authority to cancel those loans through executive action.
32% : Biden also had said earlier, while in the White House, that he would only cancel up to $10,000 in student loan debt, and only if Congress passes legislation to do so.
29% : Biden said that many Americans with student loan debt have put off starting families because of the cost and have been unable to qualify for mortgages to buy a home because of the student loan debt they carry.

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