Although most of the top aides in the Oval office have already drafted the law that would cancel out some student loan debt, they are still waiting for the President to give his affirmation.
A couple of commencement speeches have already been scheduled for the weekend- which does seem pretty much the right setting for this announcement- but the aides at the White House have been expecting the POTUS to simply discuss the subject at that point. The aides have been waiting for a decision- and it does seem that the POTUS will take some time to come to one.
Student Loan Cancellation To Be Discussed By Biden
The last few months did see internal conversations about whether the President was capable and had the legal authority to unilaterally cancel student loans. Not to mention the growing skepticism of the President himself that the cancellation of loans would definitely violate the principles that were forged as a pre-Baby Boomer that represented a state that was the homeland of any form of consumer debt.
The aides of Biden have also been quite worried that the right counter to attacks from the Republican side is that all Democrats are simply into providing government handouts and catering to the elites. This has led them to look at an annual income of $125,000 as of the annual income limit for student loan forgiveness- where they believe that the limit is definitely both in line with the progressive income tax model as well as good politics.
The last few weeks have been quite tumultuous for the Democratic end. They have informed CNN that every single conversation about what to do with student loans has been met with the worry that it could feed into the rate of inflation- at the same time the Democrats are expecting the rates to go down.