Student Loans: Biden Announces Extra $9B in Debt Relief for 125K Americans
The Facts
On Wednesday, President Joe Biden announced that his administration had approved an additional $9B in student debt relief for 125K borrowers.
According to the White House, the loan relief will come from changes made to federal programs for low-income individuals, public servants, and borrowers with disabilities. $5.2B in debt forgiveness will be provided for 53K public service employees under the "Public Service Loan Forgiveness programs.”
The Spin
Democratic narrative
Millions of borrowers are eligible for student debt relief but have been unable to access the support they are qualified for. Biden is working to remove these barriers to access and fix this broken system in order to support hardworking Americans.
Republican narrative
Relieving student debt is unfair to those who will be paying for it but not reaping the benefits of a college education and will undermine the positive effects of the Inflation Reduction Act. Additionally, relieving student debt merely distracts from the real problem of the spiraling costs of college and a nationwide lack of affordability.
