President Biden caused an uproar Wednesday by announcing that his administration will forgive billions of dollars in federal student loan debt, potentially wiping the financial slate clean for 20 million Americans — despite Republicans and experts warning the bailout would worsen America’s tenuous economic situation.
In unveiling the plan to write off up to $20,000 in student loan debt incurred by borrowers who have received federal Pell Grants for their education and make below a certain income, along with up to $10,000 in debt for non-Pell Grant recipients, the president insisted that “an entire generation is now saddled with unsustainable debt.”
“The burden is so heavy that even if you graduate, you may not have access to the middle class life that the college degree once provided,” Biden said. “Many people, many people can’t qualify for a mortgage to buy a home because of the debt they continue to carry.”
Read more at https://nypost.com/2022/08/24/biden-set-to-announce-student-loan-forgiveness-for-millions/
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