President Biden Announces Student Debt Relief: “They’re Free To Chase Their Dreams”

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Borrowers who borrowed $12,000 or less and have been repaying their student loans for ten years will have the remaining debt forgiven under the new program.Washington, USA: US President Joe Biden, who was mostly elected in 2020 by young voters, declared on Wednesday that he will be expanding his student loan forgiveness program by waiving the debt of an extra 150,000 citizens.
In a statement, Biden said, “A college degree is still a ticket to a better life, but that ticket is too expensive.” “And too many Americans are still saddled with unsustainable debt in exchange for a college degree.”

According to an administration tally, Biden has cancelled $138 billion in federal student loans that 3.9 million Americans had taken out to pay for college during his presidency.

“I’m happy to have been able to forgive these loans because when we relieve Americans of their student debt, they’re free to chase their dreams,” said Biden.

President Biden Announces Student Debt Relief: "They're Free To Chase Their Dreams"
President Biden Announces Student Debt Relief: “They’re Free To Chase Their Dreams”

A debt cancellation for middle-class creditors of several hundred billion dollars was one of the original goals of the 81-year-old Democrat.

The proposal was rejected by the conservative-dominated Supreme Court, which forced the Biden administration to come up with a series of smaller steps to get around the original decision. The most recent of these measures was unveiled on Wednesday.

Student loan debt cancellation is available under the new program for borrowers who have been making payments for at least 10 years and whose loan amounts were $12,000 or less.

The president will inform 153,000 individuals of the good news with an email after the White House determined that the measure should discharge $1.2 billion in debt.

So far, young voters have shown little excitement for Biden’s reelection as he prepares to face off against the probable Republican contender, former president Donald Trump. The campaign has been highlighting Biden’s mostly robust social and economic achievements to appeal to this demographic.

Following the announcement of the new debt relief legislation, Biden’s team distributed a statement written by Maxwell Frost, the first member of Generation Z to serve in the United States Congress.

“The President’s actions on student debt are in stark contrast with Trump, who spent his entire time in office sabotaging efforts to aid borrowers who are just trying to make ends meet,” the Florida lawmaker, who is 27 years old.

He stated that “President Biden knows that canceling student debt is an important issue for young people across our country and that’s why he’s fighting to deliver on his promise of relief.”

President Biden Announces Student Debt Relief: "They're Free To Chase Their Dreams"
President Biden Announces Student Debt Relief: “They’re Free To Chase Their Dreams”

Nearly half of American voters (47%) in the 18-34 age bracket intend to cast their ballots for Biden, while nearly half (45%) intend to cast their ballots for Trump, according to an opinion poll released Wednesday by Quinnipiac University.

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Meanwhile, when questioned about their opinions on the two presidential candidates, only 30% of that group had a favorable impression of Biden, while 39% of Trump had the same attitude.


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