Biden forgives part of the student debt in a nod to the young vote

The president of the United States, Joe Biden, announced this Wednesday that he will forgive part of the debt that millions of university students contracted with the federal government in order to pay for their studies, in a nod to the young vote just over two months before the elections legislative.

The announcement comes after months of internal debate within the Government and after, in 2020, stop student debt payments as a relief measure for the pandemic.

"Delivering on one of my campaign promises, my Administration announces a plan to give working and middle-class families some breathing room."Biden noted on his Twitter account.

Specifically, the president reported the cancellation of up to $10,000 of debt per student, But that measure will only benefit those who earn less than $125,000 a year or who, while married, have an income of less than $250,000 a year.

In an attempt to help lower-income students, Biden also noted that will cancel $20,000 in debt incurred by the beneficiaries of scholarships called Pell, from which a large number of low-income Hispanic and black students benefit.

In addition, the president once again extended the relief program created by his predecessor Donald Trump (2017-2021) at the beginning of the pandemic to pause student debt payments.

Specifically, Biden specified that payments will continue to be suspended until December 31, but warned that this is the last time the relief program will be extended.

In this regard, in a statement, the Department of Education asked Americans with student debt to prepare for face payments again from the new year.

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A group of senators from the Democratic Party and organizations representing racial minorities had been pressuring Biden for months to forgive all or at least part of the student debt.

The leader of the Democrats in the Senate, Chuck Schumer, and progressive senator Elizabeth Warren praised Biden’s decision in a joint statement and recalled that no US president has done so much to ease the burden that weighs on many university students.

Despite the congratulations both Schumer and Warren had petitioned Biden to forgive students an amount greater than 10,000 dollars, since in some cases the debts can exceed 100,000 and even 200,000 dollars.

For its part, the National Association for the Advancement of Colored People (NAACP), the main US group in defense of African Americans, considered that the announcement is not enough and recalled that the black community has been affected disproportionately because of the problem of student debt.

 

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