Some Groups oppose President's Student loan Forgiveness Plan.

By The Exchange Team

Some politicians and consumer groups criticised President Biden's idea to cancel student debt, even as they supported it.

The White House will eliminate $10,000 in federal student debt for most borrowers and up to $20,000 for Pell Grant recipients.

According to higher education analyst Mark Kantrowitz, the idea may remove debt for at least 9 million borrowers.

Individuals earning less than $125,000 per year and couples or heads of home earning less than $250,000 per year are eligible for relief.

It also extends a "last" loan payment pause through Dec. 31, which has been extended seven times since March 2020.

Biden tweeted that the action allows "working and middle-class families breathing room" before student loan payments resume in 2023.

Biden paired the debt cancellation and payment halt with a plan to cap student loan repayments at 5% of monthly income.