President Biden canceling student debt at the cost of $7 billion for 160,000 students

President Joe Biden announced the cancellation of over $7 billion in student debt for 160,000 individuals. This move was confirmed in a White House statement, specifying that each borrower will have approximately $35,000 forgiven. 

The beneficiaries include teachers, nurses, and law enforcement officers enrolled in Biden’s Saving on a Valuable Education (SAVE) Plan. This announcement follows the Supreme Court’s June 2023 decision to block Biden’s initial plan to cancel $430 billion in student debt for nearly 40 million people. Despite this setback, Biden’s administration has successfully provided debt relief to 4.75 million Americans.

The SAVE Plan, an income-driven repayment (IDR) program, aims to lower monthly payments for borrowers. Biden emphasized his commitment to making higher education accessible and continuing the fight for student debt cancellation.

President Biden canceling student debt for 160,000 students 


However, conservatives are not a fan of the student debt cancellations. They feel that they are paying for the miscalculations of other Americans when it comes to taking a loan. But, there are debates regarding the interest rates that these loans are given at, and it can be difficult for fresh graduates to pay it back. 


Additionally, an X user states that he paid off his student debt for 20 years. He finally paid it off two years ago. There are individuals who are in a similar situation, demanding to know why they were not assisted when needed. Other conservatives state that the user is a responsible person for paying off their loans. 

Conservatives are now blaming Biden for the inflation that is hitting America hard. Some are even blaming programs like these as one of the causes of this major inflation that is hitting the country. 

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ByAsir F