Washington: In a significant development, US President Joe Biden has taken the bold step of forgiving over 800,000 student loans, amounting to a staggering $39 billion.
This move comes as a response to long-standing issues within the system that have caused borrowers to face difficulties, and the failure to accurately identify those eligible for debt forgiveness.
The announcement, made by US Secretary of Education Miguel Cardona, highlights the introduction of an income-driven repayment’ plan that will waive student loans over a period of 20 to 25 years.
However, the plan to forgive hundreds of billions of dollars in loans faced a setback when the US Supreme Court ruled against President Biden’s proposal. Undeterred by this decision, Biden has expressed his determination to explore alternative avenues to provide relief to those burdened by student loans. The US Department of Education has unveiled plans to initiate $430 billion in loans, set to begin within the coming months.
The government’s commitment to ensuring access to higher education without incurring debt has been reinforced by US Vice President Kamala Harris. She reassured Americans that measures will be taken to enable individuals to pursue higher education without the financial strain of loans.
(Islamabad51-Newsdesk)