Biden’s student loan forgiveness plan

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President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. Education Secretary Miguel Cardona listens at right. (AP Photo/Evan Vucci)

President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House, Wednesday, Aug. 24, 2022, in Washington. Education Secretary Miguel Cardona listens at right. (AP Photo/Evan Vucci)

President Biden announced last week he would cancel $10,000 in federal student loan debt for people who qualify, and up to $20,000 for Pell Grant recipients. Around 43 million Americans could be impacted by his executive order, which also places a pause on monthly student loan payments.

Some Democrats think the president didn’t go big enough considering sky-high interest rates, and many Republicans have questioned his authority to forgive student debt. This hour, we’ll discuss Biden’s debt relief plan and the immediate and long-term impact this forgiveness will have for borrowers and our economy.

Our guests are New York Times “Your Money” columnist Ron Lieber (@ronlieber), author of The Price You Pay For College, and Danielle Douglas-Gabriel (@DaniDougPost), national higher education reporter who covers college affordability, accountability and financial aid policy for The Washington Post.

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