Biden announces up to $20k in student loan forgiveness for millions of Americans

Forgiveness capped at earners making $125,00 or less.

Updated: August 24, 2022 - 11:45am

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President Joe Biden on Wednesday announced the forgiveness of up to $10,000 in student loans for millions of Americans confirming months of speculation regarding the White House's debt forgiveness plans. 

The president announced the measure on Twitter on Wednesday morning. "In 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," the president wrote, including a graphic detailing the plan, which stipulates up to $20,000 in loan forgiveness.

The move comes amid markedly low poll numbers for Biden and for many Democrats, as the White House struggles to maintain an edge for Democratic politicians ahead of what polling indicates will be a challenging midterm for the party. 

Biden's own approval rating as of Wednesday stands at 41%, according to a Reuters poll, low but the highest it has been since early summer.

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