White House eyes income caps for student loan forgiveness

According to the White House statement on Monday, President Biden is considering whether income should be used to determine eligibility for any student loan forgiveness program.

Last week, the president said that, by executive action, he might be able to wipe out $10,000 in student debt per borrower.

Jen Psaki, the White House press secretary, was asked if an income cap for any potential student aid program was being considered during Monday’s press briefing.

Psaki answered, “There is.”

At this time, it is unknown what the maximum income for student loan forgiveness would be if an income cap were included in any potential plans. Officials are said to be considering limiting the relief to anyone who made less than $125,000 or $150,000 as individual filers the previous year. For married couples filing jointly, this would translate to a $250,000 to $300,000 threshold.

Income limitations, according to Psaki, will guarantee that student loan relief is “targeted at people who need help the most.”

Psaki was also asked if the White House has considered the implications of prospective student loan forgiveness on inflation. “I know there’s been outside analysis of that, but I don’t have any internal analysis at this point to preview for you,” she said.

The president stated last week that he is “considering dealing with some debt reduction.” “I’m not considering a $50,000 debt reduction,” Biden added, “but I’m looking into whether or not there will be additional debt forgiveness.”

During his presidential campaign, Biden advocated for eliminating $10,000 in student debt for most borrowers, but his legal authority to do so via executive order has been questioned. Last year, the president asked the Education Department for a document to see if he had the authority to cancel student loan debt unilaterally.

Meanwhile, noting the ongoing economic challenges caused by the COVID-19 outbreak, the president extended the moratorium on student loan payments until August 31. In 2020, former President Donald Trump imposed a repayment moratorium for the first time.

43 Responses

    1. Agreed. I served in the army to pay for my education. While the liberals have degrees that are useless and now we have to pay for it. HELL NO

  1. These fraudulent election stealing sons of bitches, need to be physically removed from the Washington scene and put on trial for treason, and executed, $35 trillion and climbing and only, 14 months into the stolen election! Gather the troops and remove them all, we will clean up with DJT, President-elect,45,46, and 47!!! Please, do not let this terroristic regime continue!!

  2. I DON’T THINK THERE SHOULD BE NO LOAN FORGIVENESS, NOT ONE DIME. THEY TOOK THE LOAN JUST LIKE DID FOR A HOUSE A CAR AND I HAVE TO PAY THAT BACK. IF THEY TOOK THE LOAN FOR COLLEGE AND THEIR DEGREE IS NOT MAKING THE MONEY TO PAY BACK, WELL LESSON LEARNED. YOU PICKED THE WRONG DEGREE. FIRST OF ALL, INSTEAD OF A LOAN, WORK WHILE GOING TO SCHOOL LIKE A LOT OF US DID AND YOU WOULDN’T HAVE THIS DEBT.
    NO FORGIVENESS!!!!!!!!!

  3. So everyone should coast through college as Biden will take care of you??? Stop BIDEN now!!!!! Paying for college education is part of growing up and becoming financially responsible!!!!!

  4. This is not just funny money. Some banking institution is holding the note and will then be paid by Uncle Sam. This guy is an idiot

  5. I absolutely resent this “forgiveness” of debt for student loans. No one helped me get through college paying for my tuition. I had to work for it. I shouldn’t have to pay for someone else’s debt and neither should anyone else other than that person who assumed the debt!

  6. This is only more spending by the government which will only increase the inflation rate. Students will need their first job out of college to exceed a pay scale that is unachievable for 95% of American businesses.

  7. Taxpayers will foot the bill on that, why doesn’t Lying Biden pay it off because he made enough money off of the taxpayers. He should be indicted for treason along with Mayorkis

  8. Anyone who ever went to college should receive the same. Many of us and our parents worked their tails off to be able to afford this for us!

  9. I agree Mr. President . I really hope for the young people in America that you fulfill your promise you made during your campaign or will it just be another bunch of Biden baloney ! Help the young people in America ! Certainly won’t hurt the dems in 2024 .

  10. All Biden is trying to do with this is buy votes for 2022. The money for this is coming out of our pockets so expects so raises in income taxes, like we can really afford that. I am retired and on a limited income and cannot afford this.

  11. They are already giving an relief. An rn showed me on the computer she had 10,000 the last 2 years taken off.

    So much for paying your bills. She took out the LOAN. Our government does nothing but make people angry with their tactics. Their are alot more people, students and parents, very unhappy with these forgiveness loans. Rns make a good income. All seen as ridiculous.

  12. Why are the;se students expecting to be forgiven their loans? You take out a loan for any reason you pay it back as that is what a loan is. Stop crying and start working and making your payments. I had to pay off a home loan which is probably more then a student loan so why should you not have to pay back? It makes no sense whatsoever. Time to grow up and put on your big boy/girl pants.

    1. I feel the same way about my home loan.. I’m tired of it and tired of working, but, I am also adult enough to handle my responsibilities,.. I have been working since I was 14.

  13. The POS in the WH is going to pay for them himself! Let the schools go broke, another thing that Obama wants to happen and Soros! The Great Biden Crime Family at work again!

  14. I couldn’t afford to go to college. As a single mom with 4 kids, I could not afford to pay for their college. I have 3 kids with degrees that THEY worked and paid for.

    WHY SHOULD MY MONEY BE USED TO PUT OTHERS THROUGH COLLEGE? They knew the cost. They agreed to the loan.

    I do NOT want my money to be used to pay off their loans! NO!

    If the government has too much money, they should return it to the hard working AMERICANS!

    Here is a thought, put those loans back in the colleges. The government should NEVER have been involved in these loans!

  15. No such thing as a loan “forgiveness” for those of us who paid back our home loans. We were happy to qualify for the loan and
    just as happy to pay it back

  16. I do NOT want my money to be used to pay off THEIR loans! NO!

    If the government has too much money, they should return it to the hard working AMERICANS!

    Here is a thought, put those loans back in the colleges. The government should NEVER have been involved in these loans!

  17. Some people were defrauded by their school or the federal government and predatory lending. These people got nothing but debt. Their loans, that the school got should be totally wiped out.

  18. I a number of cases the schools in question 1) lied about expected outcomes, 2) career opportunities were never there, 3) the schools closed before the student could complete their training.
    Given that many schools have closed due to these issues – why should the monies be repaid when their current income most likely doe not support the repayment structures and reduced payment plans actually cost way more and will most likely never be repaid in either case.
    I would not “consider” this welfare if any of these conditions exist. Having looked at the percentages of “forgiven” loans the process works against most who apply for this anyway. An arbrautory amount of $10K is barely a dent in most of these accounts.

  19. Well said! I paid off mine off years ago. Every student who has a loan should be accountable to pay it back.

  20. The only reason to forgive student loans is another liberal action to BUY votes from a younger population. Colleges no longer teach higher education anyway. They are liberal platforms for brainwashing a generation into believing communism is a great form of government control.

  21. I paid for my college education, is the government going to pay me back? Or am I going to pay twice so some smart kid can get a college degree for free?

  22. I have worked with teachers who are performing certain jobs in certain schools so they can “work off” their student loans. Why should these people do or have done that and now some others get by free. Absolutely no forgiveness. When you started, you knew it was a loan and not a gift. I have seen too many working people scraping by and wishing they could have gotten a degree. Why should anyone pay for some who assumed a loan knowing that it would have to be paid back. The good working people should NEVER have to help pay back others’ student loans.

  23. Each and every one of these demoRATs should be made to pay off these student loans, and start with biden’s fortune, pelosi, schummer, buttgeig soros, pocahantas, pissaki and all who are in step with this theivery of the American taxpayers.

  24. I didn’t have the money to go to colleges so I worked my way up and became a leader in the company through hard work and experience. Now I’m supposed to pay for others college education. I don’t think so.

  25. When is a loan “not a loan” and no responsibility to pay it back? Wake up America! We are being fooled into wrong thinking. A debt is meant to be repaid; the borrower must agree to that at the time of the loan!

  26. This is a total JOKE how do you expect these wonder boys and girl to learn responsibility and assume life responsibility. They chose to go to college no one pushed them into college and all the others who were not fortunate to go to a college have to pay and get a responsible job and are not asking the government to throw $$$ to them A very unfair selfish STUPID approach to help this generation pay their college etc.

  27. Made no loans, worked & paid as I went while paying tuition for oldest child, with a total of 4 children to support & a husband who was averse to paying anything toward college tuition or books. My wages were far below what they are talking about forgiving loans to students making less. Guess this is another case of the government getting their hands on & FUBARing it beyond recognition. Indoctrination into one world global government, aka the new world order ideology of BS, lies & propaganda, must cost a lot more than a real education based on facts, science & reality. Y

  28. I’m living paycheck to paycheck, would Biden like to pay my expenses?
    I hate DemonRats and their demonic plans to destroy America.
    If you can’t afford to go to an university, go to trade school!
    Do something useful in the world, your group of entitled brats!

  29. If you asked for a student loan,YOU should pay it back. They only want this done because some congresswomen don’t wan t to pay their loans off. Shame on them for using their positions to benefit themselves!

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