By all indications, Joe Biden really intends to fulfill his campaign promise about discussing the forgiveness of debts students in the United States. In fact, it is estimated that this debt waiver could benefit up to 40 million students who ended up taking out loans to pay for their studies.
Read more: Is it possible not to pay debts older than 5 years?
see more
'Barbie' movie predicted to boost Mattel profits…
Japanese company imposes time restriction and reaps benefits
Many people were still in doubt, but last Wednesday, the 24th, the current president of the main power economy in the world presented a plan that aims to reduce the debts of these individuals and, in the case of many, even reset them. In addition, it is important to highlight that this initiative by Biden is being considered historic, since until then something like this had not happened in the country.
However, the project in question is being seen as an insult in the eyes of American citizens who have paid their debts. Including, some critics are still judging whether the president really has enough authority to impose a measure like this.
In any case, the US Department of Justice analyzed the legality of this proposal and concluded that the Federal Secretary of Education has jurisdiction to impose a reduction in debt payments students.
“These actions are aimed at the families that need it most: the workers and middle-class people hit hard during the pandemic,” Biden said in announcing the measure.
It is noteworthy that this project will also create a new payment system. Loan applicants will be prohibited from paying more than 5% of monthly income on it. The value is half of the old one.
Geographer and pseudo writer (or otherwise), I'm 23 years old, from Rio Grande do Sul, lover of the seventh art and everything that involves communication.