Biden Announces Cancelation of $1.2bn in Student Loans for 153,000 People | US Election 2024 Update

US President Joe Biden $1.2bn <153,000 people>
Biden, a three-day campaign swing , plan
The US leader had to for the Supreme Court blocked a plan to $430bn
“While a college degree is still a ticket to a better life, that ticket is too expensive,” Biden said in a statement.
The latest applies to people in a repayment programme known as (SAVE) and those who borrowed $12,000 or less and have been the money for at least 10 years.
The move will “particularly help community college and other borrowers with smaller loans and put to being free of student debt faster than ever before,” the White House said.
The Biden administration began email notifications on to some of the borrowers who will from the SAVE programme.
The cancellations were originally to in , but last month the administration said it would be ready almost months ahead of , in .
The first round of forgiveness from the SAVE plan will $1.2bn in loans.
The borrowers will get emails with a message from Biden them that “all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan”.
In his email to borrowers, Biden will write that he from “countless people who have me that relieving the burden of their student loan debt will them to support themselves and their families, buy their first home, start a small business, and move forward with life plans they’ve put on hold”.
More than 7.5 million people have in the new repayment plan.
Left-leaning progressive and young voters, whose  Biden  to win re-election in November, have been vocal in for student loan forgiveness on a wide scale. Republicans largely oppose such actions.
The White House said Biden’s administration has now some $138bn in for nearly 3.9 million people executive actions.

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