Biden official says administration 'still looking' at canceling student loans

6/7/2022 12:07:00 AM

The Biden administration is continuing to work on getting to a decision on the issue of broad-based forgiveness of federal student loans, a top U.S....

Almost six weeks after President Joe Biden promised to decide on the issue of broad-based forgiveness of federal student loans, the administration is continuing to work on it, a top U.S. Education Department official said.

The Biden administration is continuing to work on getting to a decision on the issue of broad-based forgiveness of federal student loans, a top U.S....

The Biden administration is continuing to work on getting to a decision on the issue of broad-based forgiveness of federal student loans, a top U.! sit-down will mark Biden’s first in-studio late-night appearance as president.He’ll tape"Jimmy Kimmel Live" in Los Angeles, where he’ll be for the Summit of the Americas.Share on Pinterest Share on LinkedIn LOS ANGELES (AP) — Mexican President Andrés Manuel López Obrador confirmed Monday that he will skip the Summit of the Americas in Los Angeles, dealing a blow to the U.

S.Education Department official said Monday.The show will be taped at 5 PM in Los Angeles.“That’s something that we’re still looking at, and I don’t have any news on that today,” said James Kvaal, the under secretary of education, during an event hosted by the Bipartisan Policy Center, a think tank in Washington, D.C.Biden made his first appearance as president on The Tonight Show with Jimmy Fallon back in December in a virtual guest spot.“I think if there is a decision to do broad-based, obviously, that is something that would help a lot of invite Cuba, Nicaragua and Venezuela to the gathering taking place on U.

At the same time — and I think that the students and other advocates for broad-based would tell you — we also need permanent solutions.The news was announced by Kimmel during today’s Game 2 Jimmy Kimmel Live: NBA Finals Game Night on ABC.” President Joe Biden made headlines on April 28 by saying he’ll roll out a plan for canceling loans “in the next couple of weeks” — and that he’ll aim to forgive less than $50,000 in debt per borrower.It has now been nearly six weeks since that pledge.Kimmel, a staunch liberal, isn’t expected to push any hot buttons.Biden had planned to announce a decision on forgiveness for student loans on or around May 28 as he gave a commencement speech at the University of Delaware, but that timing was changed after the mass school shooting in Uvalde, Texas, according to a Washington Post report that cited unnamed sources.The report also said White House officials were planning to cancel $10,000 in student debt per borrower, limiting the forgiveness to Americans who earned less than $150,000 in the prior year, or less than $300,000 for married couples filing jointly.Jimmy Kimmel Live! broadcasts from the iconic El Capitan Entertainment Centre on Hollywood Boulevard.— have indicated they’ll stay away too.

Biden is likely to announce his decision in July or August, said a Wall Street Journal report on Monday citing unnamed administration officials and others familiar with the matter.Republican lawmakers have expressed opposition to forgiveness for student loans, with Sen.Douglas DeLuca serves as co-executive producer.Mitt Romney of Utah tweeting that it’s a “bribe” by Democrats as they face “desperate” polling ahead of November’s midterm elections.Forgiveness along the lines of $10,000 per borrower would cost taxpayers at least $230 billion, with roughly 70% of the benefit going to those in the top half of the income spectrum, according to estimates from the Committee for a Responsible Federal Budget, a watchdog organization.Must Read Stories Hide Articles.It would be regressive, worsen inflation and increase the cost of higher education, the CRFB said.S.

Mark Kantrowitz, an expert on student loans, told MarketWatch in late April that a Biden move to wipe out some student loans through executive action would look smart politically before November’s midterm elections, but it easily could end up blocked by the court system.Related: Canceling student debt unlikely to stand up in court, ex-Education Department lawyer says Loan forgiveness could reduce servicing fees, and that would be negative for Nelnet Inc.NNI, +1.28%, Height Capital Markets analyst Edwin Groshans said in a note last week.It could also accelerate prepayment speeds, and that could be negative for Navient Corp.S.

NAVI, +1.17%, he wrote.The White House said in April that it will extend a pause for federal student-loan repayments again before Aug.31 or finalize a plan by then on canceling student debt.Last week, Biden’s Education Department announced its largest single loan discharge in history, as it erased $5.Robert Menendez, a New Jersey Democrat who chairs the Senate Foreign Relations Committee and is a strong critic of the Cuban government, applauded the exclusion of Cuba, Nicaragua and Venezuela and took a swipe at Lopez Obrador, saying his decision to skip Los Angeles would set back bilateral relations.

8 billion in debt for more than 560,000 borrowers who attended the for-profit Corinthian Colleges chain.Now read: Biden open to canceling $10,000 in student loans per borrower — what that means for your budget, credit score and tax bill Plus: ‘I’d love to be married now.I would love to be a dad by now.I’d love to have a home by now’: The winners and losers in Biden’s plan to cancel $10,000 in student-loan debt.

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Biden will cost the democrats the House if he doesn’t forgive 50,000$ or more in student loan debt

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In blow to Biden, Mexican president to skip Americas SummitMexican President Andrés Manuel López Obrador confirmed Monday that he will not show up, dealing a blow to the event hosted by U.S. President Joe Biden.

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