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The White House estimates that the debt relief could completely erase the student debt of about 20 million people who owe less than $20,000. According to federal data, some 43 million people are burdened with an average debt of $37,667. How much student debt does the US have?įormer students - and current consumers - carry a massive $1.75 trillion in student debt. "Both of these targeted actions are for families who need it the most: working and middle-class people hit especially hard during the pandemic," Biden said at the White House on Wednesday afternoon.īiden will also extend a moratorium on student loan payments until the end of the year - for the "final time," according to the White House.
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Though the full details are expected to be announced later, the plan would wipe out $10,000 (€10,022) of debt for many, and a further $10,000 for those whose income falls below $125,000. "In keeping with my campaign promise, my administration is announcing a plan to give working- and middle-class families breathing room," Biden said in a statement on Wednesday ahead of his official announcement. Millions of people saddled with thousands of dollars in student debt were waiting for US President Joe Biden to officially grant them some financial relief on Wednesday, as he was set to announce debt cancellation, delivering on one of his campaign promises ahead of the midterm elections.