Biden Announces $1.2 Billion Student Debt Relief for 153,000 Borrowers
The new initiative targets borrowers with loans of $12,000 or less who have been paying for over a decade, aiming to alleviate financial stress and support young voters.
- President Joe Biden announced a new student debt relief initiative, forgiving $1.2 billion for 153,000 borrowers enrolled in the SAVE repayment plan.
- The relief targets borrowers with original loan amounts of $12,000 or less who have been making payments for a decade or more.
- The SAVE plan aims to make debt forgiveness more accessible and quicker, with 85% of community college students expected to be debt-free within 10 years.
- The initiative is part of Biden's broader campaign to address student debt, a key issue for young voters ahead of the 2024 elections.
- Critics argue the plan unfairly shifts the financial burden and question its legality, while supporters praise its potential to alleviate financial stress for millions.
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