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Biden's New Student Loan Cancellation Plan

April 10, 2020
 
 

Joe Biden on Thursday announced a plan to cancel student loan debt for low- and middle-income borrowers who attended a public college or private historically black institution.

The former vice president and Democratic presidential nominee's proposal, announced in a Medium post, moves him somewhat closer to the debt cancellation plan from Senator Bernie Sanders, who dropped out of the presidential race earlier this week and had said he would seek to cancel all student debt as president.

Biden's plan would forgive all undergraduate tuition-related federal student debt for borrowers who earn up to $125,000 a year and who attended community college or four-year public colleges and universities. The federal government would cover monthly payments for borrowers until the forgivable amount was paid off under his proposal, which would apply to borrowers who attended private HBCUs or minority-serving institutions.

"I believe that as we are being plunged into what is likely to be one of the most volatile and difficult economic times in this country’s recent history, we can take these critical steps to help make it easier for working people to make ends meet," Biden wrote. "Senator Sanders and his supporters can take pride in their work in laying the groundwork for these ideas, and I’m proud to adopt them as part of my campaign at this critical moment in responding to the coronavirus crisis."

In addition to the newly announced proposal, Biden has backed a plan from Senator Elizabeth Warren to immediately cancel a minimum of $10,000 of student debt per person.

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