The Biden Administration says they will forgive $39 billion of student loan debt after their initial debt forgiveness plan failed. The White House announced a convoluted method that will forgive the aforementioned dollar amount for around 800,000 people in total. The actual student loan debt bubble is $1.77 trillion. This means the proposed “automatic” debt forgiveness is less than 3% of the total amount. Joe Biden initially promised a much larger amount of money to student loan debt holders but was ultimately struck down by the US Supreme Court. This latest action is sort of a consolation prize that will not be appreciated by the masses who expected the initial campaign promise to come to fruition.
SOURCES:
Biden Administration to Wipe Out $39 Billion in Student Loans for 800,000 Borrowers – WSJ
Who Qualifies for Biden’s $39 Billion Student Loan Forgiveness? – The New York Times
Biden administration announces $39 billion in student debt relief following administrative fixes | CNN Politics
Biden administration to forgive $39 billion in student loan debts for 800,000 borrowers – ABC News
Biden Announces $39 Billion Student Loan Forgiveness—800,000 Borrowers Could Have Debts Forgiven
