President Biden Forgives Student Debt For 1Million+ Borrowers In North Carolina

During his campaign for the presidency in 2020, Joe Biden called for the cancellation of $10,000 in student debt per borrower. “It’s holding people up,” he said about student loans in November 2020. “They’re in real trouble. They’re having to make choices between paying their student loan and paying the rent.” Today President Biden kept his word by decreeing a $10,000 debt cancellation for borrowers that earn less than $125,000 per year, and a $20,000 debt cancellation for borrowers with Pell Grants.

“Here’s the deal,” Biden said in his statement from the White House, “the cost of education beyond high school has gone up significantly.  The total cost to attend a public four-year university has tripled — nearly tripled in 40 years — tripled.”

“All of this means is the entire — an entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree. The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided.”

In North Carolina, about 1.3 million borrowers have student loans and owe about $48 billion, according to the Center for Responsible Lending.