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.