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Biden Cancels 9 Billion in Student Debt

By Callie Wyckoff

 

Wednesday, President Biden canceled an additional 9 billion dollars in student loan debt. This decision comes after repayments of student loans started up again after a 3 year pause due to COVID.

Biden canceled the 9 billion in debt which managed to stretch to 127 billion dollars in relief to 3.6 million Americans (Image from Wix)

Earlier this year, President Biden tried to wipe more than 400 billion dollars of debt from 43 million borrowers.


However, this original plan was struck down by the Supreme Court as they found it ' exceeded his authority'. Seeking to offer some debt relief, Biden canceled the 9 billion in debt which managed to stretch to 127 billion dollars in relief to 3.6 million Americans.


Where does this money go? 2.8 billion of the allotted money will go to relief for employees working in federal, state or Local governments. Another 2.8 billion will go towards people who have been paying off student loan debt for over 20 years and have not fully paid off their debt. The remaining funds will go to people on disability.

 

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