The president of the country, Joe Biden, has announced to waive off the loans of one and a half million students in the United States.
The ticket to a better life is a college degree, but that ticket is too expensive, Biden said in a statement. Many Americans are burdened with massive debt while pursuing a college degree.
In total, the Biden administration has written off $138 billion worth of student loans for 39 American students while in office. The US President expressed hope that the loan waiver will allow American students to pursue their dreams.
Biden planned to write off hundreds of billions of dollars in debt after coming to power. However, the Supreme Court blocked this plan. As a result, the Biden administration was forced to back down and undertake a series of new plans for debt relief. One such plan was announced on Wednesday.
Students who have taken out $12,000 or less in student loans and have been repaying them for the past 10 years will have the rest of their loans forgiven under this plan.
Beneficiaries were informed of the plan in an email from the Biden administration on Wednesday. As a result, 1,53,00 people will be benefited and USD 1.2 billion will be waived.
