Biden relieves debt for graduates

President Joe Biden announced Wednesday that the majority of America’s college graduates who remain in student debt will get $10,000 in relief.

“Keeping my campaign promise, my administration is announcing a plan to give working and middle-class families a break as they prepare to resume federal student loan payments in January 2023,” Biden said on Twitter.

The $10,000 partial withdrawal, announced three months before traditionally tough midterm elections for the ruling party, applies only to those earning less than $125,000 a year. For those who attended college with government aid through Pell grants, the relief will be $20,000.

According to a University of Pennsylvania study, the $10,000 relief alone would cost the state about $300 billion.

The education
The expense is necessary not only for reasons of social justice, but also so that “the United States wins the economic competition of the 21st century” thanks to education, justified the 79-year-old president during a subsequent speech.

And it will be financed with the deficit reduction achieved in his term, Biden added.

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