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President Biden Proposes a Slash of $300 Billion in Federal Student Loan Debt

Photo: William Bretzger / Delaware News Journal / USA Today

DETROIT, August 25, 2022 ~ President Biden announced his plan to forgive student loans on Wednesday, which will allow some relief to almost all of the 43 million borrowers in the country, and erase the debt of nearly 20 million borrowers entirely.

It’s a shift. We are not making the debt go away, we are just transferring it from one borrower to the US taxpayer,” said Ancora Advisors Managing Director and Portfolio Manager David Sowerby to 760 WJR’s Paul W. Smith. “$300 billion is essentially what this could cost the economy and taxpayers by shifting the debt burden.”


August 25, 2022 ~ Ancora Advisors Managing Director and Portfolio Manager David Sowerby talks to Paul W. about President Biden‘s decision on student loans and explains why he thinks it’s bad for the country.

August 25, 2022 ~ Congresswoman Debbie Dingell talks with Kevin and Tom about President Biden‘s announcement that he is canceling $10,000 in student loan debt.

Certain borrowers making less than $125,000 per year, or couples making less than $250,000 will see federal student loan debt cancellation of $10,000. Additionally, up to $20,000 cancelled for Pell Grant recipients. Current students are included in the relief as well, though loans taken out after June 30, 2022 do not qualify.

It is not yet certain if Biden’s proposed plan will cover Parent PLUS loans.