Biden to announce student debt forgiveness plan

The Biden administration is expected to announce student loan forgiveness on wednesday.

But doing this may have a serious impact on US economy, according to some experts.

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Biden pledged during his presidential election campaign to forgive federal government student loan.

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The pressure to act on his pledge has been mounting on him by students protesters and some democrats.

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Biden is expected to announce up to $10,000 of debt forgiveness.

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According to the Associated Press, borrowers who earn less than $125,000 a year would be eligible for the loan forgiveness.

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Biden is also set to extend a pause on federal student loan payments through January.

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According to data from the Education Department more than 43 million Americans owe a combined $1.6 trillion in student debt

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held by the federal government which also includes more than 7 million borrowers who have defaulted on student loans.

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If Biden does any sort of debt cancellation or forgiveness he will improve his approval rating.

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