President Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the 91裸聊视频渦nsustainable debt91裸聊视频� that borrowers accumulate to complete their college education.
The announcement comes as borrowers brace for after a three-year pause that began during the COVID-19 pandemic and Biden tries to fulfill his campaign promises on debt relief as he runs for reelection.
The Democratic president91裸聊视频檚 latest step will help 125,000 borrowers by erasing $9 billion in debt through existing programs. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.
91裸聊视频淲e91裸聊视频檙e not done yet,91裸聊视频� Biden said in the Roosevelt Room at the White House.
He pledged to help alleviate the burden of student debt while running for president, and he91裸聊视频檚 been under pressure to follow through even though was overturned by the conservative majority on .
Biden said the decision was responsible for 91裸聊视频渟natching from the hands of millions of Americans thousands of dollars of student debt relief that was about to change their lives.91裸聊视频�
He has been relying on a patchwork of different programs to chip away at debt, such as announced last year, which lowers payments by tying them to borrowers91裸聊视频� income.
91裸聊视频淢y administration is doing everything we can to deliver student debt relief to as many as we can, as fast as we can,91裸聊视频� Biden said.
91裸聊视频淲hile a college degree is still the ticket toward a better life, that ticket has become excessively expensive. Americans who are saddled with unsustainable debt in exchange for a college degree has become the norm,91裸聊视频� he said.
Some of Biden91裸聊视频檚 efforts have involved bolstering existing programs, like .
91裸聊视频淔or years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that91裸聊视频檚 all changed thanks to President Biden and this administration91裸聊视频檚 relentless efforts to fix the broken student loan system,91裸聊视频� Education Secretary Miguel Cardona said in a statement.
Additional debt forgiveness could help alleviate the impact of the long-scheduled this month, which will put a dent in tens of millions of family budgets. But it is unlikely to undermine the economy91裸聊视频檚 strength in the long term even though analysts at BNP Paribas estimated it could take $100 billion out of consumers91裸聊视频� pockets and slow overall growth during the final three months of this year.
Republicans have fought Biden91裸聊视频檚 plans on student debt, but Wednesday91裸聊视频檚 announcement comes as they91裸聊视频檙e on Capitol Hill. Hard-right Republicans forced a vote that ousted Rep. Kevin McCarthy, R-Calif., as House speaker, leaving the chamber in chaos.
In addition, the NAACP is pushing Biden to expand debt forgiveness by allowing Parent PLUS loans, which parents use for their children91裸聊视频檚 college education, to be eligible for the SAVE Plan.
91裸聊视频淗istorically, education has been viewed as an entry point for marginalized communities to achieve upward mobility and begin building generational wealth,91裸聊视频� NAACP President Derrick Johnson said in a statement that emphasized the disproportionate impact of debt on Black families. 91裸聊视频淚t is unconscionable that, in their quest to provide their children with a brighter future, Black parents have fallen victim to a system that preys on their inherent disadvantage.91裸聊视频�
Chris Megerian, The Associated Press
