Big relief for students as Biden waives off $10,000 from university graduates’ loans
In a big move, US President Joe Biden on Wednesday waived off a $10,000 student loan for each university graduate who are still trying to pay it off. In US the issue of students loan is a decades-old headache.
While making the announcement Biden said he is keeping his campaign promise of giving working and middle class families a breathing room.
The move, which comes less than three months before midterm congressional elections is seen as a vote winner for Democrats.
However, the proposed relief is a far cry from Democrats' goal of securing complete forgiveness.
Meanwhile, Republicans oppose the step arguing that shaving any amount from graduates' loans is unfair to those who have spent years saving to pay off their own debts.
The cost of US colleges ranges anywhere between $10,000 and $70,000 a year.
The exorbitant amount leaves graduates with massive debt by the time they enter jobmarket.
It is estimated that an average US college student owes around $25,000 in debt by time he/she completes graduation.
It takes many years, sometimes a decade for them to pay back the debt.