Biden expected to announce student loan forgiveness today

Not everyone is happy.
white house dusk


The Daily Navigator strives to help you make the best personal finance decisions. While we produce content according with strict editorial integrity this post may contain references to partner products. Here’s a full explanation for how our team makes money.

Student loan payments are set to resume on August 31st after a two-year pandemic-related pause designed to ease the financial burden on Americans. But that could change forever in the coming days.

Sources inside the White House suggest the Biden administration is leaning heavily toward implementing a $10 thousand student loan forgiveness scheme. The debt cancellation will be tied to income, with any borrowers who make over $125,000 a year expected to miss out on the benefit.

The decision, which could come as early as Wednesday morning, has been met with joy from thousands of debt holders, but others are concerned about the timing. With inflation currently soaring, many are concerned the relief may have an even worse impact on the value of everyday life.

Others are more positive but also stress it’s mainly because their spending habits won’t change too much. Many claim they would pay off other debt if their student loans were lessened. The bulk of the divide falls along political and age lines.

Editorial Disclaimer: Opinions expressed here are the author’s alone. This post contains references to products from one or more of our partners and we may receive compensation when you click on links to those products.

Stay in the know

Get expert insight into credit cards, loyalty programs, financial tips, and more delivered right to your inbox.

Related Stories

Smart Points Logo

Stay in the know with
Smart Points Newsletter

Get expert insight into travel credit cards, loyalty programs, points tips, and more. Recent edition →

Get expert insight into travel credit cards, loyalty programs, points tips, and more. Recent edition →

Advertiser Disclosure

This article contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. The relationship may impact how an offer is being presented. Our site doesn’t include all the offers available. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

LIMITED-TIME OFFER!

$900 CashBack OR
90,000 bonus points

Worth over $1,500 in travel!

Partner offer. Terms apply.

DFC Partner Perks App Link Image
Special Discounts for Our Members

Save Big with Perks

Get $5,000+ in immediate travel savings with Perks. Unlock next level travel benefits, for life. Get discounts from the world’s best travel brands you won’t find anywhere else. No credit required.

DFC Concierge App Link Image
Special Discount for Our Members

93% off lifetime access

Save $1,200 and 10 hours of your time on every vacation. With Lifetime access to DFC Concierge, get fully customized trip itineraries to make every vacation unforgettable.

Dollar Flight Club App Link Image
Special Discount for Our Members

50% Off PREMIUM

You can save up to $500 on your next adventure without lifting a finger get email alerts when we find flights up to 90% off leaving your home airport. Just let us know your departure airport and we’ll do the rest.

The Daily Navigator Commitment

The Daily Navigator is an integral part of the larger DFC Media family. Through each of our brands, we’re dedicated to helping our readers travel, spend, and live smarter.

With products dedicated to affordable travel, educational content, and personal finance, we deliver the day’s essential content with none of the filler — all in a way that’s fast, easy, and fun to read. Every day million of audience members trust us to deliver educational content so that they can make informed decisions faster. We hope you’ll join them.

We’re happy to have you here!