Biden plans to cancel student loan debt, 23 million Americans may benefit – Technologist
US President Joe Biden announced on Monday plans to ease student debt that would benefit at least 23 million Americans, addressing a key issue for young voters whose support he needs as he seeks re-election in November.
Biden’s new plans include automatically cancelling debt for borrowers who are eligible for certain forgiveness programmes, who entered repayment decades ago, who enrolled in low financial value programmes, or who are experiencing hardship.
President Biden to forgive US$39 billion in student debt
President Biden to forgive US$39 billion in student debt
If the latest plans are finalised following a public comment period, they would take effect as early as this autumn, White House spokeswoman Karine Jean-Pierre told reporters in a call detailing the plans. Combined with the administration’s previous actions, they would benefit more than 30 million Americans, Jean-Pierre added.
US Senator Bill Cassidy, the top Republican on the Senate education panel, said such “loan schemes” simply transfer the cost of the debt on to others.
“This is an unfair ploy to buy votes before an election and does absolutely nothing to address the high cost of education that puts young people right back into debt,” Cassidy wrote in a statement.
To date, the administration has said it has approved US$146 billion in student debt relief for 4 million Americans.
As of June 2023, around 43.4 million student loan recipients had US$1.63 trillion in outstanding loans, according to the Federal Student Aid website.
“We’re delivering as much relief as possible for as many borrowers as possible, as quickly as possible,” US Education Secretary Miguel Cardona said.
Why Biden and some governors are still using TikTok even as app faces US ban
Why Biden and some governors are still using TikTok even as app faces US ban
Biden has vowed to continue pushing student debt relief to as many borrowers as possible following the Supreme Court’s decision blocking his earlier plan to cancel hundreds of billions of dollars in debt, and administration officials said they studied the 6-3 ruling in crafting the new plans.
Opinion | What’s the point of a mandatory pension that offers no financial security? – Technologist
Versiones ‘low cost’ de los pendientes virales en forma de gota de Bottega Veneta | Estilo de vida | Escaparate – Technologist
French government joins forces with Netflix to attract tourists – Technologist
About The Author
admin
Azeem Rajpoot, the author behind Technolo Gist, is a passionate tech enthusiast with a keen interest in exploring and sharing insights about the rapidly evolving world of technology. With a background in Technologist, Azeem brings a unique perspective to the blog, offering in-depth analyses, reviews, and thought-provoking articles. Committed to making technology accessible to all, Azeem strives to deliver content that not only keeps readers informed about the latest trends but also sparks curiosity and discussions. Follow Azeem on this exciting tech journey to stay updated and inspired.
