In the United States, Joe Biden announced a $10,000 reduction in student debt for college

Joe Biden Announces a reduction in student debt: canceled until Federal loan of $10,000 to College for those who earn Less than $125,000 a year (or 250k if it’s a family), a cut that doubles for Bills grants (reserved for low-income students), extends the moratorium on payments made during the pandemic through the end of the year. Announce it there White House After months of arguing over fears of higher inflation before the mid-term. The maneuver will affect millions of students and cost taxpayers around 300 billion dollars.

“The cost of education after high school has gone up a lot and US states have cut back on student support, leaving them with a big bill to pay,” the president explained. “Education is one’s ticket better lifeHe continued, noting how a generation of Americans find themselves in “unsustainable” student debt. The cut, according to critics, will increase inflationary pressures. “Today’s work is an opportunity. It’s about giving people a good chance – as he said – it’s about making sure that people have them breathes They need to buy a house, open a business, start a family and save for their future.”

There is also 5% cap on monthly income (usually 10%). Estimated to be in the United States 45 million people containing a total amount 1600 billion Dollars in federal college loans, plus any type of loan (automobiles or other consumer goods). The White House believes 90% of the benefits will go to families earning $75,000 or less per year.