US President Joe Biden has announced a new round of federal student loan forgiveness to address the unsustainable debt that borrowers accumulate to complete their college education.
This move aims to help 125,000 borrowers by clearing $9bn in debt through existing programmes. Since Biden took office in 2021, a total of 3.6 million borrowers will have had $127bn in debt wiped out.
Were not done yet, Biden said in the Roosevelt Room at the White House on Wednesday.
Heres what you need to know about the loan forgiveness:
Why did Biden announce this now?
Student loan repayments restarted this month after being frozen since the COVID pandemic, and the Biden administration has adjusted earlier proposals that were rejected, to help relieve stu…
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