Biden to announce student loan debt forgiveness Wednesday

WASHINGTON, D.C., August 23, 2022 – A report from The Hill today indicates that President Joe Biden may soon fulfill his campaign promise to cancel student loan debt with an announcement as early as tomorrow. For over a year, high-ranking Democrats have been urging Biden to forgive student loan debt.

The exact amount he will cancel is still unknown. Though he promised to cancel a minimum of $10,000 per borrower back in 2020, some are pushing for $50,000, while others urge cancelling all $1.75 trillion of student debt in the US.

According to The Hill’s report, “sources said President Biden’s intended measure will include at least $10,000 in loan forgiveness for borrowers who make less than $125,000 annually, as well as another payment freeze for roughly four months” through December 2022, a month after the mid-term elections.

In April, President Joe Biden announced that the student debt moratorium would be extended until Aug. 31, marking the seventh postponement since his predecessor initially enacted the freeze in March 2020.

According to a Bloomberg article by Nancy Cook, forgiving student loan debt will cost taxpayers over 10 years $300 billion for borrowers earning less than $125,000 per year with a one-time forgiveness of $10,000. When eliminating the income threshold and forgiving up to $50,000 per borrower, that cost to taxpayers increases to $980 billion with the majority of relief going toward borrowers in the top 60% of earners.

Mario Lotmore

Mario Lotmore is originally from The Bahamas and for the last seven years has called Mukilteo, WA his home. Having lived in every region of the United States has exposed him to various cultures, people, and approaches to life. Lotmore created the Lynnwood Times to represent the character of a diverse and growing Lynnwood. The launching of the city’s community newspaper will only help bring neighborhoods together. Lotmore was an industrial engineer by trade and proven success implementing and managing lean accountable processes and policies within his eighteen years of operations excellence, strategic development, and project management in the aerospace, manufacturing, and banking industries. Over his career he has saved and created hundreds of union and non-union jobs. Lotmore is the President of a Homeowner Association, an active Science Technology Engineering and Mathematics volunteer in his community, and former Boeing 747 Diversity Council leader. Mario’s talent is finding “that recipe” of shared destiny to effectively improve the quality of life for others.

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