United States President, Joe Biden has relieved $39 billion in student loan debt for 804,000 borrowers who have been paying down their debts for 20 years or more in the country.
In a statement on Friday, the President said these borrowers will join the millions of people that his administration has provided relief to over the past two years, resulting in over $116 billion in loan relief to over 3 million borrowers under his watch.
Biden berated the opposition for trying to stop him from relieving the student loan debt. “Republican lawmakers who had no problem with govt forgiving millions of dollars of their own business loans have tried everything they can to stop me from providing relief to hardworking Americans.
“Some are even objecting to the actions we announced today, which follows through on relief borrowers were promised, but never given, even when they had been making payments for decades.
“The hypocrisy is stunning, and the disregard for working and middle- class families is outrageous. As long as I’m in office, I will continue to work to bring the promise of college to every American”, the President said.
He noted that his administration is not stopping at the loan debt relief along, adding that his govt worked hard to secure the largest increases to Pell Grants in a decade, fixed broken loan programs such as Public Service Loan Forgiveness.
“And we have created a new income- driven repayment plan that will cut undergraduate loan payments in half and bring monthly payments to zero for low-income borrowers.
“And, when the Supreme Court made the wrong decision, I immediately announced a new plan to open an alternative path to relief for as many borrowers as possible, as soon as possible”, the President said.
Reacting to this development, the Vice President, Kamala Harris said the President and herself committed to delivering relief to student loan debt borrowers to help move forward with their lives whether they want to start a family, buy a home, or become an entrepreneur.
She said many were placed into forbearance by loan servicers in violation of the rules, and others did not get appropriate credit for their monthly payments.
“Addressing these harmful practices and reducing student loan debt has been a priority throughout my career. As California Attorney General, I won $1 billion for defrauded veterans and students by taking on predatory for-profit colleges”, Harris added.
The VP recalled in June the announcement of the President, pursuing an alternative path to provide relief through the Higher Education Act, and finalized new income-driven repayment plan which will cut monthly payments in half for undergraduate loans.
“Our Administration will continue to fight to make sure Americans can access high-quality postsecondary education without taking on the burden of unmanageable student loan debt”, the Vice President said.
