$10,000 Student Loan Forgiveness?

The Biden administration might be close to announcing a plan to forgive—basically cancel--up to $10,000 in student debt

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The final countdown?
Welcome to the Know the Difference Minute for Tuesday, August 23rd.
Payments for federal student loans are in the final days of a COVID-related pause. The clock is ticking toward the 31st of this month when payments would resume. The pause stretches back to March 2020 and has been extended 4 times. 40 million Americans carry student loan debt to the tune of over $1.7 trillion.
But chatter is increasing about the Biden administration being close to announcing a plan to forgive—basically cancel--up to $10,000 in student debt, mostly for those who make less than $125,000 per year. It could happen as early as tomorrow.
This is going to open a big can of worms. Those who paid their loans can’t help but feel alienated. Others will complain $10,000 isn’t enough. Needless to say, this will be a new talking point ahead of the midterms.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.