The Biden Administration is considering student loan forgiveness.
But, what are the income limits to qualify?
Will you owe $1,000s in Social Security taxes?
What is the income limit?
President Biden is expected to lay out the criteria of his $10,000 per student debt forgiveness plan. It seems that the plan will benefit those who make less than $125,000 annually. Biden has been reluctant to cancel debt via executive order and is pushing for Congress to pass legislation instead. However, some worry that it could make inflation worse.
The Biden Administration has already cancelled $17 million is student loan debt. Roughly 750,000 people have already been impacted. The Department of Education also announced that borrowers who have been placed in forbearance will get a one-time loan adjustment. This is expected to result in debt cancellation for millions.
The president has yet to make a final decision on student loan forgiveness, but some worry that the policy he intends to implement could be unfair to some.
How much will I get in interest for my late tax refund from the IRS?
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