Biden expands students loan relief to 30m borrowers
President Joe Biden has announced an expansion of student debt relief, aiming to cancel loans for an additional 30 million borrowers.
Despite challenges from Republican lawmakers, Biden pledged continued efforts to alleviate the student debt burden and overhaul the loan system.
According to national credit bureau Experian, the average balance of student loan debt for all borrowers in the US is more than $38,000, according to 2023 data.
Biden’s new initiative builds on previous actions that already have granted more than $168 billion in relief to nearly 4.8 million borrowers.
Under the plan, individuals with undergraduate loans in repayment for more than 20 years and those with graduate loans in repayment for more than 25 years are eligible.
Biden emphasized access to higher education should be a pathway to the middle class, not a financial obstacle.
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