Joe Biden keeps delivering relief against opposition on his promise to unburden Americans from long term student loan debt….
The cancelations are for people who have been paying loans for a decade or more….
His action’s ARE sure to help put more spending money in the American Economy…..
President Biden canceled an additional $9 billion in student debt on Wednesday as repayments started up again this month after a three-year pause.
The move affects 125,000 people who qualify under existing programs, including for public-service workers such as teachers and firefighters and for people on permanent disability, according to a White House statement.
“This kind of relief is life changing for individuals and their families,” Mr. Biden said on Wednesday.
The announcement comes as Mr. Biden tries to find workarounds to offer some debt relief after the Supreme Court struck down his more ambitious plan over the summer. That plan would have wiped out more than $400 billion in student debt for about 43 million borrowers….
The Supreme Court found that Mr. Biden’s loan plan exceeded his authority — a decision that shot down one of the president’s signature policy efforts and a key promise to voters as the 2024 campaign heats up.
Mr. Biden hammered the court on Wednesday for its decision in June.
“The money was literally about to go out the door, but Republican elected officials and special interests stepped up and sued us,” he said. “The Supreme Court sided with them, snatching from the hands of millions of Americans thousands of dollars in student debt relief that was about to change their lives.”
Interest on outstanding student loans began to accrue again in September. Many economists have expressed concerns that the resumption of student loan payments this month could cause a substantial drag on the economy at a critical point in the country’s economic recovery, in which fears of a lurking recession remain.
With the additional $9 billion, the administration said it had managed to extend $127 billion in relief to nearly 3.6 million Americans….