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Biden Keeps Reducing Student Debt Slowly

Biden continues to chip away at student loan debt

President Joe Biden addressed the National Action Network Convention virtually from the White House campus, emphasizing his commitment to tackling student debt. With an election year looming, Biden aims to appeal to young voters by implementing his student debt relief strategy.

On April 12, 2024, he announced the cancellation of an additional $7.4 billion for 277,000 borrowers, part of a larger effort to fulfill his promise despite facing opposition, including a Supreme Court ruling against a previous plan to cancel $400 billion in student debt.

Since the setback in the Supreme Court, the Biden administration has been handling student debt relief in incremental steps. The total cancellation now stands at $153 billion, with plans for further relief underway. Biden outlined a new approach to reduce the debt burden on 25 million borrowers, but legal challenges and opposition from Republicans, such as Representative John Moolenaar of Michigan, present significant obstacles.


Biden (Credits: The New York Times)

Moolenaar argues against the relief efforts, claiming they incentivize non-payment of student loans while penalizing responsible borrowers. He voiced his concerns during a recent hearing, reflecting broader opposition to the Biden administration’s approach. Despite such criticism, Biden remains steadfast in his commitment to make higher education more accessible, viewing it as crucial for social mobility and economic equity.

In response to criticisms like Moolenaar’s, Biden reaffirmed his dedication to student debt cancellation, framing it as a means to ensure that education remains a pathway to the middle class rather than a barrier. He views opposition from Republican officials as a hurdle but remains determined to pursue his agenda. This commitment reflects Biden’s broader vision of promoting equality of opportunity and economic justice through targeted policy initiatives.

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