President's student loan forgiveness plan draws pushback from some lawmakers and consumer groups
Student loan borrowers gather near The White House to tell President Biden to cancel student debt on May 12, 2020. Paul Morigi | Getty Images Entertainment | Getty Images President Biden's long-awaited plan to forgive student debt , announced on Wednesday, drew immediate pushback from some lawmakers and consumer groups even as they praised the historic measure. The White House said it would cancel $10,000 in federal student debt for most borrowers and up to $20,000 for recipients of Pell Grants, which are available to undergraduates based on financial need. The plan may eliminate balances for at least 9 million borrowers, according to higher education expert Mark Kantrowitz. Relief is limited based on income qualifications — to individuals with annual income less than $125,000 and year and couples earning less than $250,000. It also extends a "final" pause on loan payments through Dec. 31; that pause, in place since March 2020, has been extended seven times. In a tweet,...