For decades, US higher education has saddled students with debt. For quite some time, the students of the country have been demanding loan waivers.
The Biden administration has taken measures in the context of their demands. President Joe Biden has announced at least $10,000 in student loan forgiveness. Biden’s decision was praised by the country’s rights activists and lawmakers. But they say this step is not enough.
Al-Jazeera, a Qatar-based media outlet, said that students from low-income families will receive a loan waiver of $20,000. And those who did not receive the grant will get the benefit of a 10 thousand dollar loan waiver. Biden said these things in a tweet on Wednesday, US time. But here is a conditional. It is said that only those whose annual income is less than 1 lakh 25 thousand dollars will get this benefit.
In a press conference at the White House, Biden said the benefits will go to family members in need, who need it the most. Working and middle-class people have been hit hard during the pandemic.
Biden said his administration has extended the moratorium on student loan repayments. It will be effective till the end of this year. He said that it will create a breathing space for students burdened by debt.
The US Department of Education says 4 million students will automatically receive loan forgiveness decisions. The rest who want to get this benefit, they have to apply.