The decision is the result of the US Department of Education adjusting income-driven repayment plans as well as the "Public Service Loan Forgiveness" program, which will forgive $10,000 of debt for former students earning less than $125,000 a year.
“This brings the total amount of debt forgiveness approved by the US government to $132 billion for more than 3.6 million Americans through various activities,” Reuters news agency quoted President Biden in a statement.
It is known that the plan to partially cancel student debt was announced by Mr. Biden in August 2022 according to his commitment during the 2020 White House election campaign.
This new move could help President Joe Biden as he runs for re-election, according to higher education expert Mark Kantrowitz.
“Biden has forgiven more student loan debt than any previous president. That sets him apart from other candidates,” said Mr. Kantrowitz.
However, Republican candidates running for President oppose student debt forgiveness.
Former New Jersey Governor Chris Christie has said Biden does not have the authority to cancel student debt without prior authorization from Congress .
“He knows what he’s doing is illegal and excessive,” Christie told ABC’s This Week shortly after Biden announced his sweeping debt-relief plan.
Former President Donald Trump also expressed his opposition to the White House's decision. "This would be very unfair to millions and millions of people who have paid off their debt through hard work and diligence."
Minh Hoa (according to Tin Tuc, Kinh te & Do thi Newspaper)
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