Student loan relief offered by US President Joe Biden is currently operational. Over eight million Americans had already signed up for the Biden administration’s programme during its soft launch, according to the White House, before it was officially launched on Monday. The American President applauded the move.
‘The new student loan application is now available. If you have federal student debt, please visit StudentAid.gov. It’s quick, simple and fast, and it’s a new day for millions of Americans all over our nation,’ added Biden. The opening of the ‘game-changing’ site, he continued, represents a ‘major milestone’ in his administration’s efforts to ‘create a ticket to the middle class that people can genuinely buy’.
The website’s soft launch took place on Friday, October 14, and according to Biden, it processed the initial applications ‘without a hiccup or any trouble’. Application submissions are permitted for the Friday launch, but they won’t be processed until the official debut on Monday. When the scheme is implemented, borrowers with incomes under $125,000 will receive a $10,000 relief, while those who receive Pell Grants would receive a doubled relief of $20,000 under the programme.
The idea will cost the government an estimated $400 billion, according to AFP. Republicans argue that the money might be used more effectively and that this is a waste of taxpayer money. According to The Hill, a number of right-wing organisations and Republican state leaders have even filed lawsuits to stop the loan forgiveness scheme. Biden asserts that the programme will be paid for since his efforts will help reduce the deficit, in contrast to Republican allegations that it is too expensive.
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