President Joe Biden has announced an additional $9 billion in student loan debt relief, extending help to 125,000 borrowers. This move is seen as a key step in Biden’s efforts to fix the broken student loan system and make college more affordable for Americans.
The relief will primarily come in the form of restructured income-driven repayment plans and Public Service Loan Forgiveness. The Supreme Court’s striking down of Biden’s unilateral cancellation earlier this year made these measures the core focus of his debt agenda. Out of the $9 billion, $5.2 billion will be allocated to 53,000 borrowers through Public Service Loan Forgiveness programs, while $2.8 billion will be used to amend income-driven repayment plans for borrowers who have made 20 years or more of payments.
Furthermore, President Biden has also forgiven $1.2 billion in loan debt for 22,000 borrowers with a total or permanent disability. These actions are part of Biden’s ongoing efforts to provide relief to individuals burdened by student loan debt.
Since taking office, Biden has already approved approximately $127 billion in student loan debt cancellation for 3.6 million borrowers. However, Republican lawmakers have criticized these efforts, claiming that widespread debt forgiveness unfairly transfers costs to taxpayers who have already paid off their debts or never attended college.
According to White House officials, Republicans in Congress have tried every which way to block these efforts and keep their own constituents under the burden of student loan debt. Despite some opposition, President Biden remains committed to delivering relief to hardworking families.
While Biden’s debt cancellation remains popular among young Democratic voters, his overall economic stewardship has received mixed reviews. A recent NBC poll found that only 38% of the country approves of his economic performance.
In conclusion, President Biden’s announcement of an additional $9 billion in student loan debt relief will provide much-needed assistance to 125,000 borrowers. This is a crucial step towards fixing the broken student loan system and making higher education more accessible and affordable for Americans. Despite criticism and opposition, Biden remains determined to deliver relief to those burdened by student loan debt.
