While some of his political rivals have been quick to point out his approval rating, President Joe Biden has made significant strides in his effort to relieve American citizens of their student loan debt.
Yesterday, the Department of Education stated that over 675,000 borrowers have benefitted from the president's student loan forgiveness programs. A recent press release from the Department of Education stated that the Biden Administration has already canceled approximately $15 billion in student loan debt since January 2021. This achievement means that Joe Biden has waived more student loan debt in one year than any other U.S. president ever had during an entire term in office.
According to reports, about 43 million Americans still owe about an average of $40,000 per student loan. While Biden's latest extension on the pause of student loan debt payments should help borrowers temporarily, the 46th president has tasked the Department of Education with instituting a reasonable repayment plan that may bring about even more economic stability in the future.
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