![]() ![]() "Biden's desperate vote grabs won't cover for sky-high inflation and failed economic policies."ĭemocrats in national and state offices on Wednesday expressed support for the initiative. "He is trying to save face by canceling debt for a few while families struggle to afford Bidenomics," chairwoman Ronna McDaniel said in a statement. In all, the Biden administration says it has now canceled $127 billion worth of debt for nearly 3.6 million Americans.īut Biden's political opponents say loan forgiveness amounts to a "student loan bailout for the wealthy." On Wednesday, the head of the Republican National Committee also criticized the plan for only helping a small group. "By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order." "This kind of relief is life-changing for individuals and their families, but it's good for our economy, as well," Biden said. Biden's original, larger, loan forgiveness plan was struck down by the Supreme Court earlier this year after six Republican-led states sued. The announcement comes just days after the expiration of a three-year pandemic pause on repayments, which affected 40 million Americans. Wednesday's announcement focuses on three programs: one for borrowers who have worked in public service for more than a decade another for those who paid down their loans continuously for 20 years, and who now get credit for past payments and forgiveness on the balance and another effort targeted at disabled borrowers. President Joe Biden on Wednesday announced another $9 billion in student debt relief through improvements to existing programs, a move that will affect 125,000 Americans, and which he touted as leading to economic improvement.
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