The six GOP lawmakers the White House targeted on Twitter are among the president’s most vocal critics.
is erasing $10,000 in federal student loan debt for those with incomes below $125,000 a year, or households that earn less than $250,000. He’s canceling an additional $10,000 for those who received federal Pell Grants to attend college.
Biden’s plan makes 43 million borrowers eligible for some debt forgiveness, with 20 million who could get their debt erased entirely, according to the administration. About 60% of borrowers are recipients of federal Pell Grants, which are reserved for undergraduates with the most significant financial need, meaning more than half can get $20,000 in relief.
Republicans quickly denounced the plan as an insult to Americans who have repaid their debt and to those who didn’t attend college. And critics across the political spectrum have questioned whether Biden has authority for the move; legal challenges are virtually certain.GOP strategists also countered that unlike student loans, PPP loans were never meant to be paid back if recipients met the terms of the loan.
The cancellation applies to federal student loans used to attend undergraduate and graduate school, along with Parent Plus loans. Current college students qualify if their loans were issued before July 1. For dependent students, their parents’ household income must be below $250,000.for what he called the "final time." The pause is now set to run through the end of the year, with repayments to restart in January.
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