US President Joe Biden has unveiled another round of federal student loan forgiveness, with the aim of addressing the “unsustainable debt” burdening college graduates. This initiative is set to assist 125,000 borrowers in clearing a staggering $9 billion in student loan debt through existing programs. Since taking office in 2021, the Biden administration has already forgiven $127 billion in debt for a total of 3.6 million borrowers. President Biden emphasized that there is more work to be done in this regard during a press conference in the Roosevelt Room at the White House.
The timing of this announcement is closely tied to the resumption of student loan repayments, which recently resumed after being temporarily frozen due to the COVID-19 pandemic. The Biden administration has revised its earlier proposals, which were previously rejected, in an effort to alleviate the burden of student debt.
President Biden has been vocal about his commitment to reforming the education system since taking office in 2021. His vision includes making undergraduate programs more accessible by eventually offering them for free. However, the immediate focus is on addressing the substantial debt that graduates currently face, amounting to a staggering $1.76 trillion.
Earlier this year, the US government attempted to cancel amounts of up to $20,000 for 40 million borrowers, but the Supreme Court rejected this move. The court’s Chief Justice, John Roberts, stated that the key question at hand was not whether action should be taken, but rather, who had the authority to initiate such measures without congressional approval.
President Biden’s latest announcement reflects his administration’s ongoing commitment to addressing the student loan crisis in the United States and providing much-needed relief to borrowers grappling with the burden of educational debt.
