President Joe Biden announced the cancellation of $7.7 billion in student debt for 160,000 borrowers, bringing the total number of beneficiaries to 4.75 million, aiming to garner support from young voters despite Republican opposition.
President Biden Announces $7.7 Billion Student Debt Relief Effort Amid Republican Opposition
According to the published article of Fast Company, President Joe Biden announced on Wednesday that an additional $7.7 billion in student debt would be canceled for 160,000 borrowers. This brings the total number of people helped by his debt relief efforts to 4.75 million. Biden is aiming to gain support from young voters before the November presidential election, especially after the Supreme Court blocked his bigger plan to cancel $430 billion in student loan debt. The new debt relief benefits people in the Saving on a Valuable Education (SAVE) Plan, including public service workers like teachers, nurses, and police officers.
Biden stressed his dedication to canceling student debt, despite opposition from Republicans. He said, “I will never stop working to cancel student debt no matter how many times Republican elected officials try to stop us.” With this latest move, the total debt relief approved by Biden’s administration now totals $167 billion. Student debt relief is a key issue for many young voters, who also have concerns about Biden’s foreign policy, particularly regarding the war in Gaza.
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$7.7 Billion in Student Debt Cancelled: Biden Administration’s Debt Relief Efforts Reach 4.75 Million Borrowers – Totaling $167 Billion! (PHOTO: NBC News)
Republicans Criticize Biden’s Student Debt Relief Efforts as Overreach amid Rising Loan Debt
Furthermore, republicans have criticized Biden’s student debt relief efforts, calling them an overreach of his authority. They argue that it unfairly helps college-educated borrowers while others get no relief. Former President Donald Trump‘s campaign described the debt cancellation as an unauthorized bailout. By the end of 2023, there were 43.2 million student loan borrowers in the U.S. with over $1.6 trillion in outstanding loans, a debt level that has tripled since the 2008 financial crisis, according to the Federal Student Aid office.
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