First modification:
US President Joe Biden announced this Monday, April 8, a new initiative to relieve student debt for millions of citizens, including programs for loan and interest forgiveness. Despite the refusal of the Supreme Court, which annulled Joe Biden's plan to forgive up to $20,000 in loans for eligible people, the head of the White House persists in his idea of helping some 30 million people. According to US media, the measure is aimed at helping African-Americans, Latinos and other populations considered vulnerable.
US President Joe Biden presented another proposal for student debt relief this Monday, April 8.
During a visit to the state of Wisconsin, Biden explained his proposal, which focuses on five key points.
During his speech, the US president described the Supreme Court's decision as an “error”, which is why he now established a new plan, using a different legal instance for this purpose.
For Biden, the issue of student debt has become an objective to meet after carrying it as a banner in the campaign against Donald Trump in 2020, but which so far he has not met.
Biden's original plan, which is aimed at helping those for whom student loans have become a barrier, estimated relief of $10,000 for those who receive annual income of up to $125,000, and added another $10,000 if they receive Federal Pell Grants.
40 million potential beneficiaries
Overall, this program would cost about $400 billion and would forgive a portion of student debt for at least 40 million people.
However, the Supreme Court canceled this initiative under the argument that Biden exceeded his duties, so now the head of state used a different legal instance: the Higher Education Law, which allows the Secretary of Education to condone the debt in certain cases.
In this initiative, Biden has established five points so that citizens can alleviate the burden of loans, in part, by canceling interest for millions of applicants. Likewise, it plans to cancel the debt of those who are eligible, but who do not participate in forgiveness programs.
On the other hand, it plans to help undergraduate or graduate student loan applicants who began paying off loans at least 20 or 25 years ago. Lastly, it wants to help applicants enrolled in programs of low financial value and also expanded the initiative to alleviate the burden of those who are experiencing difficulties and cannot meet the commitments made.
With EFE, AP and US media
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