Washington: US President Joe Biden has announced that loans of students whose annual income is less than $ 125,000 will be waived off by the government.
Reducing student debt was a major election promise of the Biden administration.
Us President Joe Biden tweeted, “I am going to fulfill the promise made in the election. We are going to waive or cut the loans of some American students in January 2023 to give some relief to the middle class.”
President Biden said that action of getting student loan debt relief to borrowers is about opportunity. It’s about giving people a fair shot.
It’s about making sure folks have the breathing room they need to buy a house, open a business, start a family, and save for their future. Today, my Administration is meeting my campaign commitment with targeted debt relief to folks from families who need it most, he said.
“If you received a Pell Grant while in college and make less than $125,000 a year, you are eligible for up to $20,000 in debt reduction.
There is an entire generation now saddled with unsustainable student loan debt in exchange for a college degree,” President Biden said.