The Biden administration has announced its plan to forgive some federal student debt. Let us explain the details …
Category
🗞
NewsTranscript
00:00Americans finally have an answer on what the Biden administration is doing to forgive federal
00:04student debt. All this means people can start finally crawl out from under that mountain of
00:09debt to get on top of their rent and their utilities. So what did the Biden administration
00:15announce and how have people reacted to it? Brute can explain in less than 60 seconds.
00:19Borrowers who are earning less than $125,000 annually will receive $10,000 in debt cancellation.
00:26For borrowers who received Pell grants, $20,000 will be canceled. And while the announcement was
00:31cheered on by some, it has also faced criticism from both liberals and conservatives. Many
00:36Democrats say that 10 grand is not enough and have called for him to broadly cancel student
00:41loan debt or bump it up to $50,000 per borrower. Conservatives, however, have long questioned the
00:47fairness of sweeping loan relief and have argued that it will only increase the cost of college
00:52tuition. Currently, student loan debt holders owe $1.7 trillion.