President Biden has said he is considering forgiving “some” student loans, but will

Joe Biden

President Joe Biden says he is considering forgiving ‘some’ student loans, but will not consider a $ 50,000 loan reduction per borrower

Are You Ready To Delete Student Loans From Your Credit Report?

April 26 President Joe Biden The United States has unveiled its plan to help lift the burden of student debt on millions of people. At a press conference at the White House. Joe Biden He said he would consider forgiving some student loans. However, he would not consider $ 50,000 for debt reduction. Joe Biden He further mentioned that he will get his answer regarding student loan waiver in next few weeks.

“I am considering dealing with some debt reduction. I’m not considering a $ 50,000 debt reduction. But I’m in the process of scrutinizing whether it’s going there – the extra debt will be forgiven and I’ll have an answer in the next few weeks. “

According to the report, the country’s outstanding student debt balance has exceeded 1.7 trillion, with an estimated 10 million people in debt. On April 26, the NAACP Youth and College Department convened and canceled a student loan protest in the country’s capital outside the White House. The leaders and workers gathered in it Biden Take action on student loan waivers as the President has been putting the matter on hold for the past year.

The NAACP shared an official statement regarding the video of the protesters. The statement reads:

NAACP has organized a canceled student loan
Rally outside the White House this morning with Sen. Sanders, Representative Omar, Jaipal, Talaib and other lawmakers. Below is a quote from Wisdom Cole, National Director of Youth and College of NAACP.

“President Biden, the epidemic of student debt is crippling our nation. If you have the power to delay repayment for more than 2 years, you have the power to cancel the student loan. $ 50,000 is the minimum. No need to kick the can on the street anymore. Let’s cancel it. ”

Since taking office in January 2021, Biden His campaign is under pressure to deliver on its promise of either providing student loan relief or canceling student loan loans altogether. In the course of his campaign, he expressed support for at least $ 10,000 in relief for Americans seeking student loans, but did not make a definite commitment to the idea.

Biden Repeatedly the federal has extended a break on student loan repayments. Student loan breaks initially begin on time Of Donald Trump Administration to help borrowers struggling financially due to the epidemic. Earlier this month, The Biden-Harris The administration has extended the break till August 31 Biden After resolving the issue, action is being taken formally.

Joe Biden What are your thoughts on canceling student loans? Tell us in the comments box below!

[Sources: 1, 2]

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