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Biden also forgives $6 billion in student loans

2024-03-21 13:08:00, Kosova & Bota CNA
Biden also forgives $6 billion in student loans
Joe Biden

US President Joe Biden announced that $6 billion in student loans will be canceled for 78,000 people.

This brings the total value of student loans canceled by the Biden administration to almost $150 billion.

Democrat Biden last year vowed to find other ways to ease the debt after the Supreme Court in June blocked his sweeping plan to cancel $430 billion in student loans.

The last group of people to have their student loans canceled are public service workers such as teachers, nurses and firefighters who have met the criteria of the Public Service Loan Forgiveness Program created in 2007 to forgive Americans' student loans. who work in the public service.

"These public service workers are determined to serve their communities in their careers, but because of the failures of past administrations, when they were not helped as the law provides," Biden said in a statement.

By June 2023, nearly 43.4 million student loan borrowers in the U.S. had a combined debt of $1.63 trillion, according to the Federal Student Aid website. Higher education loans have tripled since the 2008 financial crisis.

High interest rates and high installments mean that young Americans have trouble buying homes or making other investments, and Democrats have for years pressured the US government to forgive these loans. Republicans widely oppose these policies.

Biden is seeking a second term in the November presidential election, and for that he needs to win the youth vote.

"I will not give up and I will use all the tools at my disposal to ease the burden of student loans on as many Americans as possible and build a strong economy," Biden said.

A White House official said Biden's latest decision has brought the total number of student loan forgiveness under the Biden administration to $144 billion, and almost 4 million Americans have had their student loans forgiven./REL 





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