WASHINGTON: President Joe Biden on Wednesday announced that most US university graduates still trying to pay off student loans will get $10,000 of relief to address a decades-old headache of massive educational debt across the country.
“In keeping with my campaign promise, my administration is announcing a plan to give working and middle class families breathing room,” Biden said in a statement issued less than three months before midterm congressional elections, where the issue is seen as a vote winner for Democrats.
The proposed debt relief falls far short of some Democrats’ goal of securing complete forgiveness, but is opposed by Republicans who argue that shaving any amount from graduates’ loans is unfair to those who have spent years saving to pay off their own debts.
US colleges can often cost anywhere between $10,000 and $70,000 a year, leaving graduates with crushing debt as they enter the workforce. According to government estimates, the average debt for US college students when they graduate is $25,000, a sum many spend years or even decades to pay back.
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