President Joe Biden has announced a new round of federal student loan forgiveness on Wednesday, noting the sustainability of debtors.
The student loan forgiveness would take off three years after covid-19 break.
Biden’s announcement will help 125,000 borrowers by erasing $9 billion in debt through existing programs.
In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office.
“We’re not done yet,” Biden said in the Roosevelt Room at the White House.
“My administration is doing everything we can to deliver student debt relief to as many as we can, as fast as we can,” Biden said.
“While a college degree is still the ticket toward a better life, that ticket has become excessively expensive. Americans who are saddled with unsustainable debt in exchange for a college degree has become the norm,” he said.
Some of Biden’s actions have involved boosting existing programs, like public service loan forgiveness.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” Education Secretary Miguel Cardona said in a statement.