Biden Unveils Major Student Loan Forgiveness Plan

The initiative aims to provide relief to 30 million borrowers, sparking debate over its impact on taxpayers and political motives.

President Joe Biden announces a new student loan forgiveness plan aiming to alleviate debt for 30 million borrowers.
Rep. Alexandria Ocasio-Cortez, during an appearance on 'The Late Show with Stephen Colbert,' highlights the plan's potential to enable recipients to pursue life goals such as traveling abroad, buying a house, or furthering their education.
The plan targets loans that have accrued interest beyond the principal amount, offering up to $20,000 in relief for individuals or couples earning under a specified income threshold.
Critics argue the plan shifts the financial burden to American taxpayers and view it as an attempt to appeal to young voters ahead of the November elections.
Ocasio-Cortez, not eligible for the plan due to her Congressional status, expresses support, emphasizing the relief it will bring to many Americans.