President Joe Biden on Wednesday announced that most Americans trying to pay off university loans will get $10,000 forgiven in a bid to address the decades-old headache of massive educational debt across the country.
“In keeping with my campaign promise, my administration is announcing a plan to give working and middle-class families breathing room,” Biden said in a statement issued less than three months before midterm congressional elections, where the issue is seen as a vote winner for Democrats.
In a speech from the White House later, Biden called the assistance “a game changer.”
“All this means people can finally start crawling out of that mountain of debt,” he said. “When this happens, the whole economy is better off.”
The proposed debt relief falls far short of some Democrats’ goal of securing complete forgiveness but is opposed by Republicans who argue that shaving any amount from loans is unfair to those who have already spent years saving to pay off their debts.