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Thursday, December 5, 2024
Independent AfricaBiden cancels $39b debt in US student loan

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Biden cancels $39b debt in US student loan

The Education Department said on Friday that the administration of U.S. President Joe Biden will forgive $39 billion in student loans for more than 804,000 students.

The department attributed the relief to a “fix” to income-driven repayment (IDR) plans.

According to the agency, borrowers will be qualified for forgiveness after 20 or 25 years of consistent IDR payments.

Lower-income borrowers’ monthly payments are capped under the IDR scheme, and after a certain period of time, the remaining sum is forgiven.

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