President Joe Biden is considering including an income cap for any possible student debt forgiveness plan, White House press secretary Jen Psaki said Monday.
“There are a number of schools … that have larger endowments than other schools, public universities and others,” Psaki said at a White House press briefing. “What he’s referencing is making sure it’s targeted to those graduates who have the greatest need.”
Psaki added that Biden has talked about an income cap in the past but “we’re not at the point where we have a final proposal or a final executive action or anything along those lines.”
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Biden said last week that he is considering using executive authority in the coming weeks to cancel student loan debt. He said that any debt forgiveness would be below $50,000 for each borrower.
Biden promised on the campaign trail to cancel at least $10,000 of each American’s student debt.
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