U.S. President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.
Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.
The president’s announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.
Biden had a really good plan. Zero interest as long as you pay at least something, and the payment being as low as $1 with a sliding scale based on income.
It’s more fair than just forgiveness to people without loans since the debt isn’t eliminated. I’m personally fine with eliminating the debt to have a more educated society, but a lot of people aren’t, and that’s a good middle ground.