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Student Debt Forgiveness

NewsStudent Debt Forgiveness

Biden forgives part of student debt in a nod to youth vote

The President of the United States, Joe Biden, announced Wednesday that he will forgive part of the debt that millions of college students contracted with the federal government to pay for their studies, in a nod to the youth vote just over two months before the legislative elections.

Joe Biden’s announcement comes after months of internal debate within the government and after student debt payments were stopped in 2020 as a pandemic relief measure.

“Delivering on one of my campaign promises, my Administration is announcing a plan to give working and middle class families some breathing room,” Biden said on his Twitter account.

Specifically, the president reported the cancellation of up to 10,000 dollars of debt per student, but this measure will only benefit those who earn less than 125,000 dollars a year or those who, being married, earn less than 250,000 dollars a year.

In an attempt to help students with lower incomes, Biden also pointed out that $20,000 in debt incurred by the beneficiaries of Pell grants, which benefit a large number of Hispanic and African-American students with few resources, will be cancelled.

In addition, the president again extended the relief program created by his predecessor Donald Trump (2017-2021) at the beginning of the pandemic to put student debt payments on hold.

Specifically, Biden specified that payments will remain suspended until December 31, but warned that this is the last time the relief program will be extended.

In this regard, in a statement, the Department of Education asked Americans with student debt to prepare to resume payments in the new year.

A group of Democratic Party senators and organizations representing racial minorities had been pressuring Biden for months to forgive all or at least part of the student debt.

Senate Democratic leader Chuck Schumer and progressive Senator Elizabeth Warren in a joint statement welcomed Biden’s decision and recalled that no U.S. president has done as much to ease the burden on many college students.

Despite the congratulations, both Schumer and Warren had called on Biden to forgive students more than $10,000, as in some cases debts can exceed $100,000 and even $200,000.

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