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President Biden to Cancel Up to $20,000 of Student Debt Per Borrower

HeadlineAug 25, 2022

President Biden has announced plans to cancel as much as $20,000 per person in student debt to help as many as 40 million borrowers. Response to Biden’s student debt cancellation plan has been mixed across the political spectrum. Vermont independent Senator Bernie Sanders hailed the plan as a “Big deal” but added, “We have got to do more.” Senate Minority Leader Mitch McConnell condemned Biden’s plan as “student loan socialism.” Meanwhile, many student debtors who owe far more than $20,000 say Biden’s plan does not go far enough. This is the artist and writer Maddy Clifford of the Debt Collective, who holds about $100,000 in student loan debt.

Maddy Clifford: “Biden’s announcement means that we need to continue to apply pressure, because it’s great that he’s made that decision, and he’s made the right decision, and he’s going in the right direction, but also, as people, we don’t have to accept crumbs.”

After headlines, we’ll hear more from members of the Debt Collective on the Biden administration’s student loan forgiveness plan.

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