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This has never happened before: 800,000 US student loans were forgiven overnight

This has never happened before: 800,000 US student loans were forgiven overnight

In America, there has been a rule for a few weeks now, according to which, from time to time, depending on the income situation, student loan repayments are revised. And if someone pays the loan for 20 or 25 years, the state is exempted from the remaining part. This is what was decided to cancel the loans of 804,000 Americans, worth $39 billion.

According to the statement of the US Secretary of Education, many people may have felt that their student loans are an endless burden and that they will never pay back the amount borrowed, then a complete solution may be the solution. Basically, those who have had difficulty paying their debts, and had to put their payments on hold several times, can take advantage of the discount. That is why, according to the organization that brings together the student secretaries, the current move also shows the shortcomings of the system, just the tip of the iceberg.

Last summer, the Biden administration promised broader loan forgiveness for a total of 37 million Americans, but it was rejected by the Supreme Court. The rationale was that the department could not independently decide on such a large exemption without congressional approval. According to the plan, all Americans with debts of up to $20,000 would have been eliminated.

Cover image: Getty Images

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