President Joe Biden has announced a plan to forgive up to $12,000 in federal student loan debt for individuals.
He made this know to the general public through his verified Facebook page.
This plan would provide much-needed relief for struggling students and families, who have been hit hard by the economic downturn caused by the pandemic.
The proposal is still in its early stages, and it is unclear whether it will be approved by Congress.
However, if it is implemented, it could have a significant impact on the lives of millions of students and their families. It could also help to stimulate the economy by freeing up money that would otherwise be spent on loan repayments.
Some Americans have criticized the proposal as too costly and unfair to those who have already paid off their loans, but others argue that it is a necessary measure to help those who are struggling.
Whatever the outcome, it is clear that the debate over student loan debt forgiveness is far from over.
Biden’s $5m Student Loan Forgiveness
Biden’s administration has declared that $5 billion in student loans has been approved. This decision was made to relieve the burden of student debt on specific student groups in the US.
The primary beneficiaries of this round are professionals in essential services, specifically teachers, nurses, and firefighters, the authorities said.
This round steps up the total amount of student debt forgiven under President Biden’s tenure to $136.6 billion. This decision by the Biden’s administration has impacted over 3.7 million American students.