‘Cancel it all or do nothing’: Readers react to the chance of $10,000 in student loan forgiveness

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‘Cancel it all or do nothing’: Readers react to the chance of $10,000 in student loan forgiveness

PUBLISHED SUN, JUN 5 202210:00 AM EDT

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Annie Nova@ANNIEREPORTER

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KEY POINTS

  • CNBC.com asked readers how they’d feel about the White House forgiving $10,000 in student debt.
  • Dozens of people wrote in.
  • Here’s what four of them had to say.
The White House, Washington, D.C.

The White House, Washington, D.C.

Joe Daniel Price | Moment | Getty Images

Tens of millions of Americans are waiting anxiously for word from the Biden administration on what it plans to do on broad-based student loan forgiveness.

Most recently, the White House was reported to be leaning toward a cancellation plan of $10,000 per borrower (for those who earn under $150,000).

Yet President Joe Biden is under intense pressure to do more.

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The Senate’s top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., have been pushing him to forgive at least $50,000 for all.

The NAACP has also been vocal about how $10,000 wouldn’t go nearly far enough for Black student loan borrowers, who carry an average balance more than $50,000 a few years after graduating.

Wisdom Cole, national director of the association’s youth and college division, recently said on Twitter that nixing just $10,000 would be “a slap in the face.”

At the same time, the idea of student debt forgiveness infuriates many Americans, including those who never borrowed for their education or went to college. Some Republicans have said they would try to block an effort by the president to cancel the debt.

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White House planning to cancel $10K in student debt per borrower: WaPo

The vast disagreement on the topic explains in part why it’s been so hard for the administration to decide how to proceed, especially with the midterm elections looming.

CNBC asked readers how they’d feel about the White House forgiving $10,000 in student debt. Dozens of people wrote in.

Here’s what four of them had to say. (Editor’s note: Answers have been lightly edited for clarity.)

‘$10,000 … would be substantial for me’

Caleb Perkins, 29, student

Dayton, Ohi

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