AL JAZEERA
President Joe Biden has announced the cancellation of $7.7 billion in student debt for 160,000 borrowers, bringing the total number of beneficiaries to 4.75 million under his administration’s debt relief efforts. This initiative aims to boost support among young voters ahead of the November presidential election, following the Supreme Court’s rejection of his broader $430 billion student loan forgiveness plan.
The latest beneficiaries include borrowers enrolled in Biden’s SAVE repayment plan, earlier income-driven plans, and the Public Service Loan Forgiveness program, with each borrower having an average of $35,000 in debt canceled. This brings the total debt relief approved by Biden’s administration to $167 billion.
The move highlights Biden’s ongoing commitment to addressing student debt despite significant opposition from Republican lawmakers and criticism from former President Donald Trump, who labeled the cancellation a bailout. The issue of student debt remains a critical concern for younger voters, many of whom are also critical of Biden’s foreign policy, particularly regarding Israel’s war in Gaza.
As of the end of 2023, 43.2 million U.S. student loan recipients held over $1.6 trillion in outstanding loans, a figure that has tripled since the 2008 financial crisis. Republicans argue that Biden’s approach is an overreach of his authority and unfairly benefits college-educated borrowers at the expense of others.
