On Friday, US President Joe Biden fulfilled a key campaign promise by announcing the cancellation of USD 5 billion in debt for over 74,000 students, including a significant number of Indian Americans. The move is part of Biden's commitment to addressing the student debt crisis, which he pledged during the 2020 elections.
In his statement, President Biden highlighted the approval of debt cancellation for an additional 74,000 student loan borrowers, bringing the total number of individuals benefiting from such actions to over 3.7 million Americans under his administration.
Among the 74,000 borrowers granted relief, approximately 44,000 are individuals working in crucial roles such as teachers, nurses, and firefighters. These professionals earned forgiveness after a decade of public service. Additionally, close to 30,000 borrowers have been in repayment for at least 20 years but never received the relief they were entitled to through income-driven repayment plans.
While the list of beneficiaries is not categorized by ethnicity, officials have noted that a substantial number of them are Indian Americans.
President Biden attributed the administration's ability to provide relief to these borrowers to reforms made to rectify shortcomings in student loan programs. These reforms aim to ensure that borrowers receive the entitled relief under the law, marking a significant step in addressing the challenges faced by millions of Americans burdened by student debt.
(With Agency Inputs)