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Biden announced loan waivers for millions of students

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Update : Thursday, August 25, 2022

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US President Joe Biden has announced student loan waivers. He announced that up to $10,000 will be waived for American students who earn less than $125,000 a year in debt. Also, the loans of financially weak students who get loans under the grant facility will be waived up to $20,000. President Biden announced the announcement of detailed plans soon.

Biden made this announcement on Wednesday local time in the United States. News agency Reuters, BBC

Joe Biden made a promise in this regard during the 2020 presidential election campaign.

President Biden said his move is for families who need the benefits the most. Middle class people have been particularly affected by the Corona pandemic.

In addition, responding to criticism against his plan, Joe Biden said that no high-income families would benefit from this loan forgiveness move. In his words, “I will never apologize for helping working Americans and the middle class, especially not the people who voted for the $2 trillion tax cut.” That mainly benefited the rich Americans and the biggest corporations.’

Many welcomed the announcement of Biden. However, the loan waiver is expected to increase inflation.

Meanwhile, most Republicans opposed measures like student loan forgiveness. They also called it unfair. Many Democrats, on the other hand, pressed President Biden to forgive student borrowers up to $50,000.

According to the statistics, about 4.3 million US citizens have an education loan of 1.60 billion US dollars.

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