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Biden Weighs Forgiving Some Student Debt for Those Who Earn Less Than $125,000 a Year

Loan forgiveness, one of the president’s campaign planks, has met opposition from Republicans and some moderate Democrats

Navient’s recent $1.7 billion settlement will erase student debt for about 66,000 borrowers. WSJ’s Josh Mitchell breaks down the settlement and explains which borrowers will receive debt relief. Photo: Storyblocks
By Andrew Restuccia

WASHINGTON—President Biden is considering limiting student loan forgiveness to borrowers who make less than $125,000 a year, according to the White House, as the Biden administration nears a decision on an issue that could affect millions of Americans and reverberate in the coming midterm elections.

“The president talked back on the campaign about…looking at steps to help people making less than $125,000 a year, so that is the frame through which he’s making considerations at this point,” White House press secretary Jen Psaki told reporters on Tuesday.

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