This past Wednesday, Biden announced steps that are being taken against student loan debt.
Student loans affect millions of Americans, it debilitates families who may never pay the loans off. With the help of this Student Loan forgiveness package, millions of people will be saved from the hole of debt.
“Education is a ticket to a better life. … but over time that ticket has become too expensive for too many Americans,” Joe Biden said during a speech from the White House.
During the 2020 election campaign, Biden made multiple promises. One of them being the cancellation of student loan debt. This was a popular position that many people clung to, it hit home to families that have felt the burden of debt.
People felt Biden had still not done enough to deliver on this promise. It has been two years and not much progress has been made on this front. Until news broke of the package that is to be delivered to families.
“All this means that an entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree. 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” said Biden.
The package promises to cancel a guaranteed $10,000 in debt, for families who earn less than $125,000. This $10,000 can move up to $20,000 if the person received Pell Grants. This is meant to help middle-class families who are in need of support. Targeting a family income line of under $125,000 that are constantly under stress.