The government of Joe Biden in USA announced this Wednesday a new cancellation of student debt by US$9,000 million of dollars. Measure It will benefit some 125,000 university students.
“President Biden has long believed that university should be a ticket to middle class, not a burden that weighs on the families”, stated a statement from the White House, just a few days after the payments of the loans after a three-year hiatus.
Since June Supreme Court rescinded the president’s student loan forgiveness program Joe Biden, who had promised to cancel until US$20,000 debt To low- and middle-income borrowers, his government has continued to look for other ways to provide debt relief.
“This kind of relief is life-changing for people and their families, but it’s also good for our economy. By freeing millions of Americans from the crushing burden of student debt, it means they can go get their lives back in order.”said Biden this day, for whom student debt forgiveness was a campaign promise.
“They can think about buying a house, they can start a business, they can start a family. This matters, it matters for their daily lives,” he added, in statements reported by CNN.
The US has already canceled debts for US$127,000 million
The Administration of Biden and the vice president Kamala Harris He highlighted that with the payment plan called “Save on a valuable education” (SAVE, for its acronym in English) has been canceled debt worth US$127 billion for the benefit of almost 3.6 million people, reported the Europa Press news agency.
The measure affects three different debt cancellation programs, those for those who have been paying debt for at least 20 years, those for qualified public sector workers who have been making payments for ten years, and those for those with any total or permanent disability.
Additionally, borrowers who earn less than $30,000 a year or about $15 an hour will not have to pay until their annual income increases.
This would benefit one million people, according to the Government, which estimates that 85% of borrowers will have their debt paid off in a period of less than 10 years.
In the United States, higher education is very expensive and almost 43 million people take out federal student loans totaling $1.63 trillion. Repayment of these loans can be extended up to 20 years after the person graduates.
Source: Ambito
