US President Joe Biden on Thursday cancelled another $4.5bn (R79.78bn) in student debt for more than 60,000 borrowers, bringing the number of public service workers who have had their student loans cancelled to more than 1-million.
In total, the Biden-Harris administration has approved $175bn (R3.1-trillion) in student debt relief for nearly 5-million borrowers through various actions, the White House said.
Republicans have described the Democratic president's student loan forgiveness approach as an overreach of authority and an unfair benefit to college educated borrowers while others receive no such relief.
Earlier this month, St Louis-based US district judge Matthew Schelp, an appointee of Republican former president Donald Trump, issued a preliminary injunction blocking the Biden administration from “mass cancelling” student loans and forgiving principal or interest under the plan, pending the outcome of the state's lawsuit.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.