Biden unveils new plans to ease US student loan debt for millions
Al Jazeera
US president announces renewed effort to provide ‘life changing’ debt relief, a key issue for young voters.
Joe Biden has announced plans to ease student loan debt for millions of Americans, as the United States president tries to make good on a promise to younger voters ahead of the general elections in November.
The proposal, which Biden unveiled on Monday during a trip to the state of Wisconsin, includes cancelling up to $20,000 of accrued and capitalised interest for borrowers, regardless of income.
The Biden administration estimates this step would eliminate the entirety of that interest for 23 million borrowers. And when combined with previously announced plans, the new measures “would provide debt relief to over 30 million borrowers”, the White House said in a factsheet.
“This relief can be life-changing,” Biden said during a speech in Madison, the capital of Wisconsin, unveiling his plans.
“Folks, I will never stop delivering student loan relief for hard-working Americans… It’s for the good of our economy.”
