Stand with The Libertarian Institute

The Empire has us on the brink of nuclear Armageddon. The central bank has us flirting with economic-social collapse. Americans are increasingly paranoid of one another and simultaneously invested in wielding the state against one another.

The voices of the establishment are legion. The voices of dissent are few. Make your stand for liberty by supporting The Libertarian Institute today.

Biden Says He Will Cancel Up to $20K in Student Load Debt Per Barrower

by | Aug 24, 2022

President Joe Biden rolled out his plan to cancel up to $20,000 in student loan debt. Anyone who made under $125,000 during the pandemic is eligible for $10,000 in forgiveness. Borrowers who received Pell grants can get an additional $10,000 relieved.

President Donald Trump suspended student loan payments in 2020. While announcing his plan Wednesday, Biden extended Trump’s repayment pause through 2022.

Time reports some other details of Biden’s student loan plan.

Another feature of the loan relief plan is that it caps undergraduate loan payments to 5% of a borrower’s monthly income, as opposed to the previous 10% threshold.

Additionally, the plan forgives loan balances of $12,000 or less after 10 years of payments, instead of the current 20 years. It also fully covers the borrower’s unpaid monthly interest, so that unlike with current income-driven repayment plans, a borrower’s loan balance won’t grow as they are making their required monthly payments.

The White House claims Biden’s student loan action will eliminate debt for 20 million Americans. The White House fact sheet did not explain how Biden has the unilateral authority to cancel the loans.

About Kyle Anzalone

Kyle Anzalone is news editor of the Libertarian Institute, opinion editor of and co-host of Conflicts of Interest with Will Porter and Connor Freeman.

Our Books


Related Articles


The “Greedy Private Property” Deception

The “Greedy Private Property” Deception

  A "property right" entitles one party to exclude another from interacting with a scarce part of the universe - i.e. to have a property right in my car entitles me to exclude others from driving it to Dallas when I wish to drive it to Phoenix. There is no...

read more

Pin It on Pinterest

Share This