It is a shame for working families across the country that lawmakers continue to pursue this unprecedented attempt to deny critical relief to millions of their own constituents, even as several of these same lawmakers have had tens of thousands of dollars of their own business loans forgiven by the Federal Government," Biden said in a statementThe debt cancellation plan would forgive up to $20,000 in federal student loan debt for borrowers earning less than $125,000 per year.
The plan is currently being delayed while the Supreme Court debates whether the administration has the legal authority to unilaterally wipe away student debt. A decision on that case is expected by the end of this month.up to a month earlier for borrowers. Sixty days after June 30, the date set in the debt deal, would reinstate payments and the accrual of interest in late August.
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