US President Joe Biden introduced new measures on Monday aimed at reducing student loan debt for millions of Americans, a move seen as an effort to appeal to young voters ahead of the November reelection bid.
The US Supreme Court, largely conservative and including three judges appointed by Biden’s Republican predecessor, Donald Trump, had previously struck down the Democrat’s earlier proposals to cancel hundreds of billions of dollars in debt. However, Biden remains resolute, asserting that the court’s opposition will not deter his efforts to address the issue.
“Today, too many Americans, especially young people, are burdened with unsustainable debts in exchange for college degrees,” Biden stated during a speech in Madison, Wisconsin, a crucial swing state in elections. “Too many individuals are experiencing strain and stress, uncertain about major life milestones such as marriage and starting a family due to the crushing weight of their debt.”
According to the White House, Biden’s latest plans aim to provide relief to over 30 million Americans. The proposals include eliminating accrued interest for 23 million borrowers, canceling all student debt for four million individuals, and offering at least $5,000 in debt relief to over 10 million borrowers.
With the election approaching, Biden faces the task of finalizing and overcoming potential legal challenges to these plans. Younger voters played a significant role in Biden’s victory over Trump in 2020, making their support crucial as he seeks to improve his position in the polls this year.
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