Millions had student loans cancelled under Joe Biden - despite collapse of his forgiveness plan
student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in US history. In a last-minute action on Monday, the Education Department cancelled loans for 150,000 borrowers through programmes that existed before Biden took office. His administration expanded those programmes and used them to their fullest extent, pressing on with cancellation even after the Supreme Court rejected Biden's plan for a new forgiveness policy.
Budget with ET
Budget 2025 can position India as the world’s China Plus One hub with manufacturing prowess
Will India's robust GST kitty help Sitharaman stick to fiscal glide path?
Budget 2025’s starry aim: Does India need more funds to fuel its cosmic dreams?
«My Administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country,» Biden said in a written statement.
In total, the administration says it has waived USD 183.6 billion in student loans.
The wave of cancellation could dry up when President-elect Donald Trump takes office. Trump hasn't detailed his student loan policies but previously called cancellation «vile» and illegal.
Republicans have fought relentlessly against Biden's plans, saying cancellation is ultimately shouldered by taxpayers who never attended college or already repaid their loans.
Artificial Intelligence(AI)
Java Programming with ChatGPT: Learn using Generative AI
By — Metla
