Biden administration canceled $138 billion in student loans, is set to cancel more
On Wednesday, the White House revealed its plan to erase $1.2 billion in student debt for 153,000 individuals qualifying under a scheme to enhance loan forgiveness commitments.
1:01 PM EST, February 21, 2024
On Wednesday, the Biden administration will begin notifying 153,000 borrowers of student loans who are part of the Save repayment plan about the forgiveness of their collective $1.2 billion debt. This move fulfills a commitment to offer quicker relief to those with smaller initial loan amounts, allowing debts under $12,000 to be cleared after a decade of payments. This effort, initially set for July, has been expedited, with no further action required from the notified individuals to benefit from this forgiveness. Education Secretary Miguel Cardona highlighted this as a step towards alleviating the financial burden on borrowers, emphasizing the administration's dedication to swiftly providing substantial relief
Part of the campaign?
Political commentators from both sides of the wall separating the country started a heated debate right after the White House announced the cancellation. The right side was there to blame the spending of the Biden- Hariss administration on the presidential race, calling it, of course, "buying the voters"
Left media journalists went simultaneously with their "opponents" but without even mentioning the upcoming elections. The only thing seen on the left side is pointing out the importance of the SAVE project for young people's lives.
We can agree with both- as big names in politology, such as Alastair Smith and Bruce Bueno De Mesquta, write- that politics isn't about ruling the country in the best way possible. It is about ruling it as long as you can. So our system, which depends on communication with voters, is really about your feelings towards any candidates. This time, We can say that Biden is changing some lives for the better, but he indeed calculated the move. But everybody does calculate everything in politics. We have to judge both sides on that
The e-mails over 150,000 people will receive are set to include a congratulatory message and a significant signature of the ruling president.
Progressive and youthful voters, crucial for Biden's re-election bid in November, have actively pushed for widespread student loan forgiveness. This stance is met with significant resistance from Republicans, who are mainly against such measures.
Sources: Reuters; Washington Post
