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Aug 24 • 5 tweets • 2 min read
President Biden will announce Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

#studentloanforgiveness

latimes.com/politics/story…
The president confirmed his long-awaited decision on student loan forgiveness in a tweet. People who received Pell grants to help cover the cost of college will be eligible for up to $20,000 in loan relief, Biden tweeted.

latimes.com/politics/story…
Biden also plans to institute an income-based repayment cap that will allow borrowers to pay no more than 5% of their monthly income as long as they aren’t behind on payments — a change some analysts see as more significant than the debt forgiveness.

latimes.com/politics/story…
The overall package, which Biden will detail in a speech from the White House at 11:15 a.m. Pacific time, is a win for activists who have pushed for such action as a matter of economic fairness.

latimes.com/politics/story…
But the amount of debt Biden has decided to erase is less than many activists had sought, complicating an issue the White House hopes will boost Democrats in the midterm election and ensuring criticism from both parties.

Read more at latimes.com/politics/story…

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More from @latimes

Los Angeles Times Profile picture
Aug 24
New: The L.A. City Council voted Wednesday to send a measure to the ballot to speed up the installation of bike routes, bus lanes and other transportation projects aimed at making the city safer and more welcoming for bicyclists, pedestrians & bus riders.
latimes.com/california/sto…
The initiative, planned for the 2024 ballot, would force city agencies to make those changes to some of L.A.'s busiest boulevards each time crews do major road work on those streets.

latimes.com/california/sto…
Backers of the measure say it would cut down on traffic fatalities in a city that is frequently lethal for bicyclists and pedestrians, while making it easier for people to get around without relying on cars.

latimes.com/california/sto…
Read 4 tweets
Los Angeles Times Profile picture
Aug 24
President Biden announced a #studentloanforgiveness package that will benefit 43 million Americans.

It includes capping income-based payments for undergraduate loans at 5% of the borrower's monthly income as long as they aren’t behind on payments.
latimes.com/politics/story… Image
Some analysts believe that change may prove even more significant than the debt forgiveness.

Biden described his action as a matter of economic fairness that will “provide more breathing room for people” and boost America’s competitiveness.

latimes.com/politics/story…
Income-driven repayment, as it’s called, has been in existence for some years, but just 32% of federal direct loan borrowers had enrolled in it as of last year, according to the College Board.

latimes.com/politics/story…
Read 6 tweets
Los Angeles Times Profile picture
Aug 24
One dancer working in Los Angeles and Las Vegas, who requested anonymity because of concerns about employer retaliation, said skin contact is unavoidable in a job that includes pole dancing and lap dances while topless or in lingerie. latimes.com/california/sto…
The worker said their pleas to strip club managers to better sanitize stages and VIP rooms had been waved off.

“It feels like we are seen as disposable,” the dancer said. Trying to avoid touching would mean “I would miss out on 95% of my income.”
latimes.com/california/sto…
Selena, who works at a strip club in Los Angeles, lamented that “it can be hard to screen customers because the club lighting is very dim. ... I’ve been worried about what I do if I discover a customer has monkeypox while I’m in a dance.” latimes.com/california/sto…
Read 4 tweets
Los Angeles Times Profile picture
Aug 24
President Biden announced Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

#studentloanforgiveness

latimes.com/politics/story…
People who received Pell grants to help cover the cost of college will be eligible for up to $20,000 in loan relief.

Here's a breakdown of the announcement:
latimes.com/politics/story… Image
Lamenting that “an entire generation is now saddled with unsustainable debt” because the cost of higher education has increased so much, Biden described his action as a matter of economic fairness.

latimes.com/politics/story…
Read 6 tweets
Los Angeles Times Profile picture
Aug 24
Butch Locsin developed an infatuation with skulls as a kid after seeing them graffitied on the streets of L.A. latimes.com/lifestyle/stor…
His favorite Marvel character was the Punisher, an antihero whose symbol is a skull and crossbones. So, he began to design skull masks. The colorful suits and smoke grenades followed. latimes.com/lifestyle/stor… Image
“I started playing around with this character and I was getting really positive feedback,” Locsin said. “And from there it just took off.” latimes.com/lifestyle/stor…
Read 6 tweets
Los Angeles Times Profile picture
Aug 24
President Biden announced the cancellation of student loan debt for millions of Americans on Wednesday.

Some advocates of student loan forgiveness say the economy would get a boost.

Most economists say the impact would be modest.

So, which is it?
latimes.com/politics/story… Image
Biden announced:

⚫ Forgiving up to $10,000 of federal student loan debt for borrowers earning less than $125,000 a year.

⚫ Forgiving up to $20,000 for Pell Grant recipients earning less than $125,000 a year.

latimes.com/politics/story…
On the surface, it would seem that lifting the weight of $10,000 for tens of millions of adults in their prime spending years would give a big boost to the economy.

latimes.com/politics/story…
Read 8 tweets

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