The White House announced President Biden’s cancellation of some federal student loan debt. Domestic policy adviser Susan Rice said Wednesday the student loan forgiveness will give relief to borrowers while streamlining the business of student loans.
She also noted that it fulfills a Biden campaign pledge and eases the financial burden on millions of Americans. President Biden is forgiving billions in student loan debt.
The forgiveness offers $10,000 of debt relief for those earning less than $125,000 per year.
It’s estimated 42 percent of those who go to college will pay back their loans over five years. The average American household with student debt owes approximately $59,000.
Massachusetts Democratic Senator Elizabeth Warren is in strong favor of Biden’s decision. While some democrats say it’s not enough, pushing for up to $50,000 in financial relief. And republicans argue it could be unfair to people who have already paid off their loans and believe the move could fuel inflation. Senate Republican leader Mitch McConnell called it “student loan socialism.”
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