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Biden to Cancel $10,000 in Student Loan Debt for Borrowers Earning Less Than $125,000


Mr. Biden’s economic advisers, however, made the case that by resuming loan payments and pairing the loan forgiveness with income caps, the cancellation would have a negligible effect on rising consumer prices. The president’s chief of staff, Ron Klain, also advised him that providing relief could galvanize young voters who are increasingly frustrated with him.Senate Democrats continued to make direct appeals to the White House in the days leading up the decision. Senator Charles Schumer of New York, the majority leader, as well as Senators Elizabeth Warren of Massachusetts and Raphael Warnock of Georgia, met with Mr. Klain and Brian Deese, one of Mr. Biden’s top economic adviser …

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