As Biden weighs a final decision on canceling “some” amount of federal student loan debt, his aides have been working on proposals that would target the relief to certain borrowers, such as those earning less than $125,000 per year
A student walks near Royce Hall on the campus of UCLA on April 23, 2012 in Los Angeles, California. | Kevork Djansezian/Getty ImagesPresident Joe Biden’s advisers are looking at ways to limit student loan forgiveness based on borrowers’ income to avoid sending benefits to higher-earning Americans. But that approach is already angering progressives and could be a nightmare to implement before the November elections.
An Education Department spokesperson, speaking on condition of anonymity, said in a statement that the agency “continues to assess its options for implementing broad debt cancellation by executive action.” That added layer of bureaucracy would likely take longer for the Education Department to implement compared with across-the-board forgiveness, and it would mean that borrowers would miss out on the benefit if they don’t know to sign up or apply for it.Patty Murray
“There is an ongoing policy discussion and process” on Biden’s plans for student loan debt, a White House spokesperson said on condition of anonymity, adding that the administration “is continuing to assess options for cancellation.” “We don’t means-test K through 12 education. We don’t means-test Social Security. We don’t means-test Medicare. It’s why those programs are broadly popular,” Jones said. “And people who are wealthy tend not to have student debt, it turns out. I don’t think we should be creating an opportunity for people of bad faith to stigmatize yet another program as only being for poor people.
But adding an income test would be a considerably more difficult undertaking, according to current and former department officials as well as outside experts. “It would be easier, but obviously far more unfair, to provide blanket treatment for everyone,” Buchanan said. The Education Department is in the yearslong process of implementing a 2019 law, known as the FUTURE Act, that eased some restrictions on the agency’s access to IRS information to make it easier for people to apply for federal financial aid or enroll in income-driven repayment plans.
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