United States President, Joe Biden has said that his administration was cancelling 1.2 billion dollars worth of student loans for almost 153,000 people.
Biden, who is undertaking a three-day campaign swing through California, made the announcement on Wednesday as part of a new repayment plan that offers a faster path to forgiveness.
The US leader had last year pledged to find other avenues for tackling debt relief after the Supreme Court blocked a broader plan to forgive 430 billion dollars in student loan debt.
The latest announcement applies to people enrolled in a repayment programme known as Saving on a Valuable Education (SAVE) and covers those who borrowed12,000 thousand dollars or less and have been repaying the money for at least 10 years.
The White House said the move will “particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before.
By – Opeoluwa Micheal-Ayobami
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