On March 21, US President Joe Biden announced that the government will cancel $6 billion in student debt for 78,000 people. Thus, the total amount of student debt that the Biden administration has canceled to date is nearly $150 billion for nearly 4 million Americans.
The latest group to qualify under the Public Service Loan Forgiveness Program, which has been in place since 2007, are public service workers such as teachers, nurses and firefighters. In a statement, Mr. Biden stressed that these workers have dedicated their careers to serving their communities, but due to past administrative issues, they have not had their debts forgiven under the law.
 |
Last year, Biden pledged to find other ways to address the student debt problem after the Supreme Court blocked a plan to cancel $430 billion in student debt in June 2023. At that time, about 43.4 million borrowers owed a total of $1.63 trillion, according to the Federal Student Aid website. Student debt has tripled since the 2008 financial crisis.
High interest rates and high debt levels make it difficult for many young Americans to buy homes or invest. Democrats have pushed for the government to cancel student debt for years, while most Republicans have opposed the proposal.
According to VNA/Tin Tuc Newspaper
Source
Comment (0)