Biden Admin. to Forgive up to $20k in Student Loan Debt

Facts

• On Wed., Biden announced that the federal government will forgive $10k in student loan debt for individuals earning less than $125k annually or couples earning less than $250k combined. He also said the pause on repayments will be extended through January 2023.
• Additionally, borrowers who were recipients of Pell Grants - a program that provides need-based grants for low-income undergrad students - are eligible to receive $20k in debt forgiveness.
• Student loan debt has kept many borrowers from buying homes or starting families, though Biden acknowledged that the loan forgiveness will relieve some, like low-income earners, more than others.
• 45M Americans owe a combined $1.6T in federal student loans. Currently, the average undergrad student is expected to graduate with nearly $25k of education debt, with Pell Grants recipients accounting for 60% of borrowers.
• A White House fact sheet said that for those who meet the criteria for debt forgiveness, there will be a "simple" application process to claim relief, adding that it will be available before the payment pause ends on Dec. 31.
• The Biden admin. has already forgiven nearly $32B of borrower debt by expanding on existing programs for public service workers, the disabled, and students who were defrauded by their college.

Sources: Buzzfeed, Washington Post, CBS, Newsweek, and CNN.

Narratives

• Right narrative, as provided by Fortune. Biden's socialist move will not only make inflation worse but it is a scathing insult to every American that has made sacrifices and paid off their debts. This announcement is simply an unfair vote-buying scheme and just the next step toward the Democrat's agenda for delivering handouts.
• Left narrative, as provided by Associated Press. Biden has fulfilled his campaign promise to provide relief from an undue burden on Americans. There is more work to be done but we should take a moment to celebrate this win for hard-working middle-class borrowers.