BIDEN CANCELS $10,000 IN STUDENT LOAN DEBT FOR MILLIONS OF PEOPLE

  • 25/08/2022

Millions of Americans who make less than $125,000 annually will receive up to $10,000 (£8,474) in federal student loan cancellations from US President Joe Biden.

Additionally, Mr. Biden will waive $20,000 in debt for Pell Grant recipients, who are those with the greatest need.

Finally, he said, "people can crawl out from under that debt mountain."

Federal student debt is owed by 43 million Americans, who collectively owe $1.6 trillion.

The majority of people owe less than $10,000.

A final extension will be made to the temporary student loan pause, which was first implemented in March 2020, until the end of this year. 

Speaking from the White House on Wednesday, Mr Biden said his plan would give more "breathing room" to working and middle class families.

"The burden is so heavy that even if you graduate you may not have access to the middle class life that the college degree once provided," he said, recalling the shame his car salesman father felt when he struggled to pay for his children's education.

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