An estimated 43 million Americans owe $1.6tn in federal student debt.
U.S President Joe Biden has cancelled $10,000 in student debt for millions of Americans earning less than $125,000. The loan cancellation is expected to cost the U.S government approximately 362 Billion dollars. An estimated 43 million Americans owe $1.6tn in federal student debt.
The student loan burden is a huge problem in America, and it’s only getting worse. The average student graduates with a loan of $30,000, but the problem is that many students are forced to take out more than they need or only take out loans for the minimum amount they need.
“If you make under $125,000, you’ll get $10,000 knocked off your student debt. If you make under $125,000 a year and you received a Pell Grant, you’ll get an additional $10,000 knocked off that total for a total of $20,000 relief.” Said Biden
Student loan debt has become a significant factor in students’ mental health. The problem is so bad that some students have even committed suicide. No one should have to pay twice for their education, but many students struggle to repay their student loans. Today’s announcement is a win for students and mental health.
Since taking office, more than 175,000 teachers, nurses, and police officers have been able to get over $10 billion in loan forgiveness so far through this program. But this opportunity expires on October 31st, 2022.
Biden has shown a commitment to helping Americans alleviate their mounting student debt, which can only be seen as a positive step.
Image source Biden social media
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