US President Joe Biden forgave 840,000 student loans of 39 billion dollars.
The Education Department announced that student loans will be waived for 20 to 25 years of monthly ‘income driven repayment’.
Education Secretary Miguel Cardona said that for too long, borrowers were in trouble because of loopholes in a broken system that could not accurately identify borrowers for debt forgiveness.
The Supreme Court struck down President Biden’s plan to forgive hundreds of billions of dollars in loans after he said he would take new steps to provide student loan relief.
The Department of Education has a plan to provide $430 billion in loans that will begin in a few months.
Vice President Kamala Harris said the administration will ensure that Americans have access to higher education without incurring debt.
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