{"id":1623004,"date":"2022-08-26T10:49:37","date_gmt":"2022-08-26T14:49:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1623004"},"modified":"2022-08-26T10:49:46","modified_gmt":"2022-08-26T14:49:46","slug":"biden-to-cancel-10000-of-student-loan-debt-for-millions-amid-inflation-concerns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-cancel-10000-of-student-loan-debt-for-millions-amid-inflation-concerns\/","title":{"rendered":"Biden to Cancel $10,000 of Student Loan Debt for Millions, Amid Inflation Concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-to-cancel-10000-of-student-loan-debt-for-millions-amid-inflation-concerns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1623004&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President <a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a> said on Aug. 24 that his administration will spend hundreds of billions of dollars to pay off $10,000 in federal <a href=\"https:\/\/www.theepochtimes.com\/t-student-loan\">student loan<\/a> debt for some borrowers, amid widespread concern that the move will worsen the inflation crisis.<\/p>\n<p>Individuals earning less than $125,000 a year or families earning less than $250,000 will be eligible for up to $10,000 in debt cancellation, the Education Department said. Pell Grant recipients who meet those income standards will be eligible for relief of up to $20,000; those grants are typically awarded to students from low-income households to help them cover their college expenses.<\/p>\n<p>Nearly 8 million borrowers may be eligible to receive relief automatically because the department already has their relevant income information, Biden said while speaking at the White House.<\/p>\n<p>In addition, a freeze on student loan repayments and interest that has been in place since March 2020 will be extended for a final time to the end of this year.<\/p>\n<p>\u201cIn keeping with my campaign promise, my Administration is announcing a plan to give working and middle-class families breathing room as they prepare to resume federal student loan payments in January 2023,\u201d Biden wrote on Twitter.<\/p>\n<p>Education Secretary <a href=\"https:\/\/www.theepochtimes.com\/t-miguel-cardona\">Miguel Cardona<\/a> echoed the president\u2019s remarks, saying that the student loan debt cancellation would help alleviate the financial burden that has hindered college-educated Americans from achieving their life goals.<\/p>\n<p>\u201cWe\u2019re delivering targeted relief that will help ensure borrowers are not placed in a worse position financially because of the pandemic, and restore trust in a system that should be creating opportunity, not a debt trap,\u201d he said.<\/p>\n<p>The Aug. 24 announcement follows months of pressure from a vocal, progressive wing of <a href=\"https:\/\/www.theepochtimes.com\/t-democrats\">Democrats<\/a> who have called on Biden to fulfill his campaign promise. While Democrats insist that the cancellation will support Americans who struggle<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden said on Aug. 24 that his administration will spend hundreds of billions of dollars to pay off $10,000 in federal student loan debt for some borrowers, amid widespread concern that the move will worsen the inflation crisis. Individuals earning less than $125,000 a year or families earning less than $250,000 will be [\u2026]<\/p>\n","protected":false},"author":392,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1623004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1623004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/392"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1623004"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1623004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1623004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1623004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1623004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}