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Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces

No decision on student loan forgiveness: WH

  • By Al Mayadeen English
  • Source: Agencies
  • 28 May 2022 00:05
1 Min Read

Looks like President Biden is breaking his campaign promises to relief Americans from their student loan debt, as the White House denies that the President has taken a decision on the matter.

  • x
  • US President Joe Biden
    US President Joe Biden

The Biden administration is yet to make a final decision on student loan cancellation, a White House spokesperson said Friday following a news report that claimed Washington was planning to cancel $10,000 in student debt per borrower.

A Washington Post report cited individuals familiar with the plan, two of whom said the $10,000 debt forgiveness would apply to US nationals who earned less than $150,000 in the previous year or less than $300,000 for married couples filing jointly.

White House spokesperson Vedant Patel said the report was inaccurate. "No decisions have been made yet. But as a reminder, no one has been required to pay a single dime of student loans since the president took office," he told Reuters.

A study conducted by New York Federal Reserve economists concluded that forgiving $10,000 per student would amount to $321 billion of federal student loans and eliminate the entire balance for 11.8 million borrowers, 31% of US borrowers.

"Administration actions have already provided more than $18.5 billion in targeted debt relief to more than 750,000 borrowers. Not to mention tens of billions more saved by the 41 million borrowers who have benefited from the extended student loan payment pause," Patel added.

Canceling student debt has split Congress, with Democrats calling for it to relieve the young population from some of its debts and Republicans stressing that it would heighten the country's inflation.

The Biden administration has shown a lot of reluctance toward unilaterally making an unprecedented cancellation of college debts who would go back to Washington. This would put Biden's legal authority under the microscope and allow everyone to see if he was able to carry out such action.

So that his legal authority is not tested, Biden asked Congress to pass a bill forgiving debt that he could sign.

Despite the loaning business being heavily lucrative for Washington, the federal government has let 43 million borrowers stop paying a total of $1.6 trillion in student debt since the Covid-19 pandemic took the world by storm in 2020.

This is still ongoing though the United States has been hit with record inflation at rates that have not occurred in decades.

A consumer server conducted by the University of Michigan (UMich) said US consumer sentiment is nearing March lows once again in light of surging inflation exacerbated by the Ukraine war, which is heavily affecting the buying decisions of Americans.

The final May reading for UMich's Consumer Sentiment Index was 58.4, a steep decrease from April's 65.2 and a slight one from March's level of 59.4.

The actions taken by the West against Russia, from sanctions to bans on trade, have gravely stunted the economy and global trade, all in all, causing several crises and sparking concerns over a worldwide food shortage.

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  • United States
  • Republican Party
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  • Russia
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  • Student Loans
  • Sanctions on Russia
  • Ukraine
  • Joe Biden
  • white house

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