On Wednesday, President Joe Biden announced a plan to cancel a significant amount of student loan debts for tens of millions of Americans who borrowed money to go to college in recent years.
Specifically, Biden said he would wipe out $10,000 in debt for those earning less than $125,000 per year and $20,000 for those who had received Pell grants for low-income families.
Biden’s executive decision to forgive student loan debts, which bypassed legislation and now faces probable legal challenges, comes after months of debating the fairness and the impact such a move will have on the U.S. economy. Many fear this could worsen the already ramping inflation.
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