America News: ‘Lottery’ started for students in America, Joe Biden gave the biggest ‘gift’, crores of rupees waived!

US Student Loan Relief: Getting higher education in America is very expensive. This is because the tuition fees there run into lakhs of rupees. There are some courses for which one has to pay crores of rupees to study. Because of this, a large number of students take student loans, which increases the financial burden on their families. However, US President Joe Biden has done something, which has brought great relief to about 60,000 students.
In fact, President Biden had made a plan last year to deal with the growing debt crisis among students. Despite many difficulties, the Biden government has taken an important step. The government has waived off loans worth $4.5 billion (about Rs 38,000 crore) of about 60,000 people. Amidst the ever increasing debt crisis in America, this news has come as a relief for many people. There were some students who took loan for studies and had to repay it after many years.

Biden has waived the loans of 10 lakh students so far

Several other debt-relief programs were put on hold due to legal challenges, Bloomberg reported. But these borrowers have benefited from the changes in the government’s ‘Public Service Loan Forgiveness (PSLF)’ program. PSLF was started in America in 2007. Since then, loans worth $73 billion have been waived off. Due to this program, so far more than 10 lakh American citizens have got relief from debt under the Biden government.

Biden had promised for loan waiver

In fact, during the presidential election in 2020, Joe Biden had promised that he/she would work to eliminate the debt burden on American students. he/she also launched a special scheme known as the ‘Savings on a Valuable Education’ (SAVE) plan, but it was banned by the court in August. If this plan had been successful, 4 crore people in America would have benefited from it. But the Biden administration has continued to forgive student loans through PSLF.