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Biden Unveils New Plans To Reduce Student Loan Debts To Woo Young Voters

Washington:

U.S. President Joe Biden on Monday unveiled a new plan to reduce the student loan debt of millions of Americans in a new attempt to win over young voters who will be critical in the November election.

The Democratic proposal comes after his earlier broader ambitions to cancel hundreds of billions of dollars in debt were struck down by the conservative-controlled U.S. Supreme Court in June.

“If implemented, the plan would provide debt relief for more than 30 million Americans,” the White House said in a statement ahead of Biden’s speech in Madison, Wisconsin.

Under the plan, 23 million borrowers will have their unpaid interest fully forgiven, another 4 million will have all their student loans canceled, and more than 10 million borrowers will receive at least $5,000 in debt forgiveness. That’s what it means.

“It means breathing room, it means not having to feel like your student loan bill is competing with basic needs like groceries and health care,” Education Secretary Miguel Cardona told reporters. ” he said.

White House press secretary Karine Jean-Pierre added that Biden would “use every tool available” to cancel student debt “no matter how many Republican elected officials try to block it.”

A senior administration official said the new plan is “fully consistent” with last year’s court ruling, which the White House “carefully” considered.

Young voters helped Mr. Biden defeat then-Republican President Donald Trump in the 2020 election, and Mr. Biden will need a key base of support to reverse this year’s polls.

Biden’s student loan policy was a key part of that, but it stalled when his plan to cancel more than $400 billion in debt stalled.

The Supreme Court, which includes three justices appointed by President Trump during his tenure, has moved sharply to the right in recent years, particularly last year’s reversal of the federal government’s landmark right to abortion.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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