Education loan cancellation..! Who all will benefit?

Sowmiya Sriram
education loan cancellation..! Who all will benefit?

We have seen that Joe Biden has been giving various benefits to the people of the country since he assumed office as the President of the United States. In that way, Joe Biden announced the cancellation of education loans to make students and parents happy. It is noteworthy that education loans have been provided to students in the united states for many years and many students are benefiting from this. In this situation, students and parents have been requesting the US government for many years to cancel the education loan, now the Joe Biden government has considered this and issued an action announcement. President Joe Biden announced yesterday that he will cancel the education loan of students in America. Joe Biden has said that this is a measure to reduce the student debt burden and it is time to fulfill the promise made during the election.
President Joe Biden has announced that students from families earning less than $125,000 will receive a $10,000 student loan waiver. He also announced that if the income of an individual is less than 1 lakh 25 thousand per year and the income of a family is less than 2 lakh 50 thousand dollars, this benefit is also applicable to the students in that family.
It has been reported that more than 43 million students in the united states have received student loans and on average each student has received student loans of up to $35,000. So it is said that due to the announcement that up to $10,000 in student loans will be waived, this offer will be available to students who have taken out a third of their student loans. In total, the white house estimates that about 20 million student loans will be forgiven.
According to one statistic, black students have an average of $25,000 more in student loans than white students in the United States. So this loan waiver announcement is expected to be a huge boon for black students. It is noteworthy that during the presidential election campaign in 2020, Democratic party candidate Joe Biden made a promise about education loans and that promise has now been fulfilled. This education loan cancellation by President Joe Biden has had a positive impact across the country.
Families especially belonging to minority communities stand to benefit the most, say academics. Many political leaders are also commenting that this announcement will help the economy of minority and low-income families.
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