White House expected to soon announce decision on cancellation of up $10K in student loan debt

DELMARVA- Cancellation in student loan debt could be in the cards for more people, but will it actually happen? That’s a question some are wondering about.

“I am skeptically optimistic because the only thing that is impossible is what we set as impossible,” Dorien Rogers, Salisbury University Graduate and President of the Maryland State Conference Youth and College NAACP, said.

White House officials are leaning towards cancelling up to $10,000 in student loan debt per borrower. The plan could offer the forgiveness to those who earn less than $125,000 per year.

“I would say across the US we have at least 90% of college students have borrowed some form of a loan,” Danena Livingston, Interim Director of the Student Financial Aid Office at University of Maryland Eastern Shore, said. “I believe it could be very helpful, the average loan debt across America is about $30,000 so it can cut the average debt by a third.”

In 2020, when President Biden was running for office he said he would “immediately cancel a minimum of $10,000 of student debt per person.” While this hasn’t happened yet, some lawmakers and advocates want him to cancel up to $50,000 in student loan debt per borrower.

“$50,000 is exactly what is needed, so taking a step further,” Rogers said. “Just paying off my undergrad that was already a struggle in a sense.”

Rogers said getting this help is not just something that’s needed but echoes the importance of showing people they matter.

“If we are investing in the education of our peoples, regardless of their age, regardless of their background, etc. then we need to make and match actions to our words,” Rogers said.

Livingston said there are some government officials that believe canceling those student loans may counteract the recent Inflation Reduction Act.

The decision on cancelling these students loans is expected to be announced Wednesday. The White House is also expected to address whether to extend again the current pause on federal student loan payments, which is set to expire on August 31.

The Maryland State Conference Youth and College NAACP, alongside neighboring state colleagues, will rally on August 25 from 8 a.m. to 10 a.m. to demand $50,000 in student loan forgiveness. The address is Pennsylvania Ave and 17th Street NW Washington, D.C.