President Joe Biden announced another round of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart.
President Joe Biden announced another round of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic.
The Democratic president’s latest step will help 125,000 borrowers by erasing $9 billion in debt through existing relief programs. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.
« President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families, » the White House said in a statement.
Biden was scheduled to make a formal announcement at the White House in the afternoon.
He promised to help alleviate the burden of student debt while running for president, and he’s been under pressure to follow through even though his original plan was overturned by the conservative majority on the Supreme Court.
