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Joe Biden Announces New Student Debt Relief Measures

US President Joe Biden announced new measures on Monday to ease student debt for millions of citizens, including loan and interest forgiveness programs.

One of the measures announced publicly in Madison, Wisconsin, will provide immediate debt relief to many creditors covered by forbearance programs but who did not complete the process due to administrative difficulties.

Millions more borrowers, Joe Biden said without elaborating or providing numbers, could qualify for student debt relief if they face day-to-day hardships that prevent them from paying off their loans now or in the future.

The US President drew attention to the situation with millions of people who now owe more money than when they started paying off the loan due to interest, and the White House noted that this is the situation that many Latinos and African Americans face.

Interest rates on federal student loans exceed 8%, and more than 25 million people owe more than the amount they borrowed.

The White House estimates that as part of the planned measures, some debtors will be forgiven up to $20,000 in unpaid interest, regardless of their income level.

“Our student loan system is bankrupt,” Biden said in a speech at the University of Wisconsin.

“While a college degree is the ticket to the middle class, it has become too expensive,” he said, adding that “many Americans, especially young people, are saddled with crippling debt.”

Biden also said the programs his administration put in place to provide debt relief for about 30 million people and the new measures now announced are positive for the economy “and free millions of people from this burden.”

Author: Lusa
Source: CM Jornal

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