US President Joe Biden fulfilled a key
campaign promise by announcing the cancellation of $5 billion in debt for over
74,000 students, a significant number of whom are Indian Americans.
Biden stated, “Today, my administration
approved debt cancellation for another 74,000 student loan borrowers across the
country, bringing the total number of people who have gotten their debt
cancelled under my administration to over 3.7 million Americans through numerous
actions.”
Among the beneficiaries, nearly 44,000
are teachers, nurses, firefighters, and individuals in public service,
receiving forgiveness after a decade of service. Additionally, close to 30,000
borrowers, who have been in repayment for at least 20 years but never received
relief through income-driven repayment plans, were also approved for debt
cancellation.
While ethnicity is not explicitly
recorded in the list, officials note that a substantial number of the
beneficiaries are Indian Americans. Biden attributed the ability to provide
relief to the borrowers to fixes made in student loan programs that were
hindering entitled relief under the law.
The debt cancellation announcement is a
significant step in Biden’s efforts to address the challenges faced by
borrowers and make higher education more accessible and affordable.
