President Joe Biden said he’s helping more people with student loans by canceling $7.7 billion for 160,000 borrowers to make college easier to afford, even though some Republicans are against it.
Biden Announces $7.7 Billion Student Loan Debt Relief – Expanding Efforts to Make Education More Affordable
According to the published article in Black Enterprise, President Joe Biden announced more help for people with student loans, canceling $7.7 billion in debt for about 160,000 borrowers. This is part of his plan to make college more affordable and reduce the stress of student loan debt for millions. Biden wants education to be a way for people to get ahead, not hold them back, and he’s determined to keep fighting for student loan debt relief, even if some Republicans try to stop him.
This new help adds to what Biden’s already done, forgiving a total of $167 billion for almost five million borrowers. It’s for people in special payment plans and those working in public service jobs. Biden’s new plan, called the SAVE Plan, makes it quicker to get rid of student loans, cutting the time needed from 20 or 25 years to just 10 years. It’s meant to give relief to those struggling with money and those who have been paying off student loans for a long time.
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$7.7 Billion in Student Loans Forgiven: Biden’s Latest Effort to Ease Debt Burden for 160,000 Borrowers (PHOTO: Inquirer USA)
Biden Administration Pushes Forward with Student Debt Relief Despite Opposition, Education Secretary Highlights Progress
Furthermore, despite challenges from some Republican-led states saying Biden shouldn’t be doing this without Congress, the administration is pushing forward. Education Secretary Miguel Cardona is proud of the progress, saying it’s giving financial help to millions. With more people getting relief from their student loan debt, Biden’s team is staying focused on their goal of making education more affordable for everyone.
READ ALSO: $7.7 Billion In Student Debt Cancelled: Biden Administration’s Debt Relief Efforts Reach 4.75 Million Borrowers – Totaling $167 Billion!
