It’s official.
President Biden announced on Wednesday that he would cancel $10,000 in student loan debt for Americans earning less than $125,000 per year, keeping his campaign promise.
Biden also extended a pandemic-era pause on loan payments until the end of the year. It has been in effect since March 2020.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023,” the president said in a Twitter announcement.
While some had pushed for more loan forgiveness, this will help the over 45 million people who owe $1.6 trillion for federal loans taken out for college
Without this crippling debt, these people can buy cars and homes which in turn boosts the economy.