Republican leaders are predicting that President Joe Biden will live to regret “canceling” student loans if he does follow through with executive action, which the White House has been teasing for months.
Biden is weighing whether to shift $10,000 or more per borrower of student loan debt to taxpayers, though party leaders such as Senate Majority Leader Chuck Schumer (D-NY) are pushing him to go closer to $50,000. While the latest reports have an income cap of $150,000 for individuals and $300,000 for married couples, any such action may turn off the two-thirds of families who never took out student loans.
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