A report said the White House is considering excluding high-income earners from qualifying for student loan forgiveness 2022-04-30 11:57:35

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  • The Washington Post reports that high-income earners can be disqualified from qualifying for student loan forgiveness.
  • “There are various proposals coming up on how to organize this,” a source told the newspaper.
  • Forgiveness can also reportedly be excluded from loans taken for medical and law degrees.

The White House is considering using income limits to exclude high earners from eligibility criteria for student loan forgiveness.

The Washington Post reported the news on Saturday.

Officials are considering ways to write off student loans President Biden has indicated that he is considering giving up the debtThat’s what lawmakers told various news outlets on Wednesday.

Top Biden aides are looking at limiting relief for people earning less than $125,000 to $150,000, or $250,000 to $300,000 for spouses filing joint taxes, people familiar with the matter told The Washington Post. But they said no final decision has been made on the plans.

“There are different proposals coming up around the administration about how to structure this,” one person told the Washington Post.

They added that the administration and congressional staff had focused their discussion on “how best to satisfy the president’s desire to ensure that any action would benefit the most economically vulnerable people with student debt.”

The US administration is discussing how much will be cut from student loan debt, but that may be as little as $10,000 for eligible individuals, people briefed on the matter told the Washington Post.

People added that the White House is also considering excluding loan forgiveness for professional degrees such as medicine and law, which could limit help to bachelor’s loans.

Biden I took a number of actions Since taking office, he has helped Americans with accumulated student loan debt totaling $1.7 trillion. Biden This week he said he would make a decision on student loan forgiveness In the coming weeks.

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