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A few months after Joe Biden announced his intention to cancel the student debt, the White House reported that more than 8 million people registered their names to have the government cancel their debt through executive action. The website was launched last Friday and it didn’t take long to receive millions of applications.
During a speech last Monday, October 17, the head of state updated the results of the web page whose function will be specifically to compute the registered voters.
According to Biden, the process takes no more than 5 minutes and is available in both English and Spanish. “This is a game changer for millions of Americans,” Biden said. “It took an incredible amount of effort to get this website done in such a short time,” the president said.
Several Democrats oppose the commander-in-chief’s initiative and many studies point to the excessive cost of implementing the plan.
Difficult numbers for student debt relief
According to a nonpartisan Wharton (University of Pennsylvania) analysis, the policy would cost $298 billion in 2022 and a total of $329 billion by 2031 if renewed every year.
According to its study, Wharton also revealed that less than 32% of the funding would benefit Americans in the lowest two income quintiles, while 42% would benefit those earning more than $82,400 per year.
As for his concrete plan, Biden made clear his intention with student debt, which is to cancel up to $10,000 for all Americans with incomes of less than $125,000 per year. At the same time, he extended the pandemic freeze on student debt payments until 2023.
Joaquín Núñez es hincha de Racing Club de Avellaneda y licenciado en comunicación periodística por la Universidad Católica Argentina. Se especializa en el escenario internacional y en la política norteamericana // Joaquín Núñez is a fan of Avellaneda's Racing Club and has a degree in journalistic communication from the Universidad Católica Argentina. He specializes in the international scene and American politics.