United States
Biden wants to waive some of the debt of college graduates
Fulfilling a campaign promise with partial debt relief: Joe Biden. photo
© Susan Walsh/AP/dpa
Because of the high cost of studying and the high cost of living in the United States, many Americans take out a loan and start their careers heavily in debt. Now there is good news for them.
In the USA, several million university graduates should no longer have to repay their debts to the state in full.
President Joe Biden announced in Washington that the government would waive some student loan repayments. Graduates with an annual salary of less than 125,000 dollars (almost 125,400 euros) should get 10,000 US dollars waived. For graduates from low-income families who received their loan from a special grant program, the waiver is as much as $20,000. According to the government, 20 million people could become debt-free through the scheme.
Because of the high cost of studying and the high cost of living in the United States, many Americans take out a loan and start their careers heavily in debt. According to the Department of Education, the average graduate with a bachelor’s degree owes around $25,000 after completing his degree. According to the information, around 45 million Americans currently have debts to the state. Total debt is currently $1.6 billion.
With the partial debt relief, Biden is implementing an election promise. He also announced further relief, such as a further extension of the moratorium on student loan repayments until the end of the year. It has been extended several times due to the economic consequences of the corona pandemic, which had hit many families hard.