Biden Cancels $1.2 Bln in Student Loans for 150,000 Borrowers

In a significant move, President Joe Biden announces the cancellation of student loans for an additional 150,000 Americans, marking a continued effort to alleviate the financial burden of higher education.

In a landmark announcement, President Joe Biden, whose 2020 election victory owed much to the support of young voters, declared on Wednesday an expansion of the student loan forgiveness program, effectively erasing the debt of an additional 150,000 American students.

This sweeping measure adds $1.2 billion to the total sum of forgiven student loans under his administration.

"Despite a college degree being a ticket to a better life, that ticket comes at a steep price," Biden stated, highlighting the undue financial strain many Americans face in pursuit of higher education.

The President's statement underscores the administration's commitment to addressing the soaring costs of college and the crippling debt burden it places on students.

Throughout his tenure, President Biden has eliminated a staggering $138 billion in federal student loan debt, benefiting 3.9 million Americans.

This initiative represents a significant step in his broader agenda to reduce the financial barriers to higher education and support the economic well-being of the middle class.

However, Biden's ambitions to cancel billions more in middle-class borrower debt were thwarted by the Supreme Court's conservative majority, leading his administration to pursue more modest measures, including the recent student loan forgiveness expansion.

Under the new program, borrowers who have been repaying their student loans for at least 10 years and initially borrowed $12,000 or less will see the remainder of their debt forgiven.

The White House estimates that this policy will eliminate approximately $1.2 billion in debt, benefiting around 153,000 individuals who will receive notification via an email signed by the President.

Despite these efforts, enthusiasm among young voters for Biden's re-election remains tepid. Nevertheless, the President's campaign has been keen to highlight his economic and social achievements, particularly those benefiting the youth.

In support of Biden's student loan forgiveness actions, Maxwell Frost, the first Gen Z member of Congress, criticized former President Trump's inaction on the issue, praising Biden's commitment to alleviating student debt burdens.

A recent Quinnipiac University poll reveals a tight race between Biden and Trump for the youth vote, with 47% of voters aged 18-34 favoring Biden and 45% leaning towards Trump.

The poll also indicates a challenging perception battle for Biden, with only 30% of respondents holding a positive view of him compared to 39% for Trump.