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Today's issue |  Richard Hitto's blog

Today's issue | Richard Hitto's blog

30 million : The approximate number of Americans who could see their student debt at least partially canceled after a new program proposed by Joe Biden on Monday during a trip to Madison, a college town in the pivotal state of Wisconsin. Among the most ambitious parts of the initiative is waiving up to $20,000 in interest for Americans who now owe more than they originally borrowed.

The US Supreme Court had invalidated the Democratic president's initial $400 billion measure that would have at least partially canceled student debt for more than 40 million Americans. The new proposal relies on a different law — the Higher Education Act, which allows the Secretary of Education to forgive student debt in certain cases. It targets five categories of borrowers and should be challenged in court by Republicans, who accuse Biden of electoral favoritism and abuse of power.

(Photo by Reuters)

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