‘We’re not done yet,’ Joe Biden waves off $9 Billion student loan with a catch
Hindustan TimesPresident Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the “unsustainable debt” that borrowers accumulate to complete their college education. U.S President Joe Biden is announcing an additional $9 billion in student debt relief for 125,000 more Americans, bringing the total debt relief to $127 billion for nearly 3.6 million Americans, according to a statement from the White House. Biden said the decision was responsible for “snatching from the hands of millions of Americans thousands of dollars of student debt relief that was about to change their lives.” He has been relying on a patchwork of different programs to chip away at debt, such as the SAVE Plan announced last year, which lowers payments by tying them to borrowers' income. “For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” Education Secretary Miguel Cardona said in a statement.