Some details may change before the official announcement, but it's still coming. But since this is a federal program, it will of course be complicated. Via the Washington Post:
White House officials are currently planning to cancel $10,000 in student debt per borrower, after months of internal deliberations over how to structure loan forgiveness for tens of millions of Americans, three people with knowledge of the matter said.
President Biden had hoped to make the announcement as soon as this weekend at the University of Delaware commencement, the people said, but that timing has changed after the massacre Tuesday in Texas.
The White House’s latest plans called for limiting debt forgiveness to Americans who earned less than $150,000 in the previous year, or less than $300,000 for married couples filing jointly, two of the people said. It was unclear whether the administration will simultaneously require interest and payments to resume at the end of August, when the current pause is scheduled to lapse.
I honestly don't understand the mentality of ordinary people who oppose this. Here are the facts:
Most of the nation’s 41 million student borrowers stand to benefit. Canceling $10,000 in debt for everyone with federal student loans would settle the balances of roughly a third of borrowers, while cutting total debt by at least half for another 20 percent, according to the latest data from the Education Department. It’s unclear, however, how income limits would affect those numbers. An estimated 97 percent of all student debt was held by people earning below the threshold of $150,000 per person and $300,000 per couple in 2019, according to Matt Bruenig, founder of the left-leaning think tank People’s Policy Project.
