According to American media, President Joe Biden has just announced that the majority of Americans with student debt will have at least $10,000 of their loan canceled.
The program is available to any citizens of the United States who have federal student debt and make less than $125,000 annually.
President Joe Biden posted on Twitter, “In line with my campaign pledge, my administration is introducing a proposal to provide working and middle-class families relief as they get ready to restart federal student loan repayment in January 2023.”
Uncertainty surrounds the financing of the massive undertaking, which is estimated to cost hundreds of billions of dollars. The American economy has been severely impacted by runaway inflation and is on the verge of entering a recession as a result of the recent excesses in money production.
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