After waiting for weeks, student loan borrowers are now eligible to apply for President Biden’s program to cancel their debt up to $20,000
Biden officially launched Monday’s application after the Education Department opened it over the weekend as part a beta-test, in an effort to identify and fix any problems. The president stated that eight million people had applied so far. According to him, the White House has received approximately 10,000 letters from borrowers applauding one of his signature economic strategies.
“My promise was that if elected president, I would make government work for the people. Biden stated at a press conference that this rollout continues to honor that promise. Just as I’m keeping my promise to ease student debt while borrowers recover from the economic crisis brought on by the once in a lifetime pandemic, so too am I.
Biden plans to cancel up to $10,000 of federal student loan debt for those earning less than $125,000 per year or less than $250,000 for married couples. Pell Grants, federal aid that lower-income students receive, could be forgiven up to $20,000
This policy has led to a series lawsuits by conservative groups and Republican-led States alleging that the president exceeded his authority in mass cancellation. Biden defended Monday’s debt relief policy with a firm defense. Biden stated that Republican members of Congress and Republican governors tried to do all they could to deny relief to their constituents. They began attacking my plan for student debt as soon as I had announced it. Their outrage is unjustified and hypocritical.