President Joe Biden said Wednesday that while a college degree remains a ticket to a better life, that ticket often proves too expensive, and announced the forgiveness of student loans of the government of USA for almost 153,000 people.
On a three-day campaign tour of California, Biden made the announcement as part of a new repayment plan that offers a faster path to forgiveness, highlighting in his re-election campaign the work he has undertaken to cancel debts students.
“There are still too many Americans carrying unsustainable debt in exchange for a college degree”he said from a local library, before leaving for other campaign events. Supporting debtors benefits the economy overall, she said, because “When people receive student debt forgiveness, they buy houses. They start businesses, they contribute. They get involved”.
The government on Wednesday began sending email notifications to some of the debtors who will benefit from what the White House has called the SAVE program. Initially, the condonations were scheduled to begin in July, but the government announced last month that they would be ready almost six months earlier, in February.
“Starting today, the first round of people enrolled in our SAVE student debt forgiveness plan who have paid off their loans for 10 years and requested $12,000 or less will have their debt canceled,” Biden posted on social media on Wednesday. “That’s 150,000 Americans and counting. And we seek to help more.”
The first round of forgiveness related to the SAVE plan will forgive $1.2 billion in loans. Debtors will receive emails from Biden notifying them that “all or a portion of your federal student loan will be forgiven because you qualify for early debt forgiveness as part of my government’s SAVE plan.”
In his email, Biden wrote that he heard from “Countless people who have told me that removing the burden of their student debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they had put on hold.”
More than 7.5 million people have signed up for the new repayment plan.
Source: Gestion
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