US to cancel student loans of over 1.5 L borrowers

Joe Biden

President Joe Biden has said that while a college degree was still a ticket to a better life, that ticket is often too expensive, as he announced he was canceling federal student loans for nearly 153,000 borrowers.

Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness, focusing on his debt cancellation efforts during his reelection campaign.

"Too many Americans are still saddled with unsustainable debt in exchange for a college degree," he said, before he went on to campaign-related events. Loan relief helps the greater economy, he reasoned, because "when people have a student debt relief, they buy homes. They start businesses, they contribute."

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