Larry Summers opposes full student loan forgiveness

President Joe Biden will likely announce the fate of student debt soon, as the current moratorium on federal student loan payments is set to expire on September 1.

About 45 million people owe about $1.7 trillion (or about $38,000 per person). Debtors hope to see their obligations partially or fully reduced.

Biden’s most likely decision appears to be to write off about $10,000 of debt per borrower, informed sources told the Wall Street Journal. And for now the administration’s thinking is that it would only apply to people earning less than about $125,000, they said.

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