East Africa News Post

Complete News World

Joe Biden Considers Eliminating Some Student Loan Debt

Joe Biden Considers Eliminating Some Student Loan Debt

Washington- President of the United States, Joe BidenMillions of university students are considering canceling part of their contracts with the federal government to pay for their studies, US media reported on Tuesday.

After months of internal debate, the president’s decision could be made public as early as Wednesday With three months to go before legislative elections in November, Democrats need the youth vote to retain their majority. Congress.

According to CNN and MSNBC, Biden plans to forgive up to $10,000 per student, but the measure would only benefit those making less than $125,000 a year.

In addition, according to the media, it plans to postpone millions of student loans again, which marks the continuation of a plan created in early 2020. International distribution to his ancestors, Donald Trump.

Around 45 million students will benefit from these measuresAccording to The New York Times.

The most progressive division of Democratic Party And organizations representing ethnic minorities have been pressing Biden for months to forgive all or at least part of the student loans.

Senate Democratic Leader, Chuck SchumerBecause loans can exceed $100,000 and $200,000 in some cases, each student asked to have $50,000 forgiven.

Likewise, the National Association for the Advancement of Colored People (NAACP), core group America In defense of African-Americans, they have repeatedly reminded Biden that the black community is disproportionately affected by the student loan problem and that $50,000 per student should be forgiven.

However, Biden doesn’t want to go that far. During the 2020 election campaign, he said he supported paying up to $10,000 per student.

See also  The funeral of Prince Philip of England will take place on April 17: Harry will be there too

The president must make a decision before August 31 when payments on some student loans will resume.

For questions from the EFE agency, a spokesperson White House He declined to confirm whether the announcement would take place on Wednesday.

Since coming to the White House in January 2021, Biden has written off about $32 billion in debt, benefiting 1.6 million Americans. More than any other government in the country’s history, according to the aforementioned spokesperson.

The U.S. Federal Reserve estimates that four out of ten college graduates have some type of loan repayment.

According to the Federal Reserve, on average, each student owes between $20,000 and $25,000 in 2020.