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Demonstrators call for US President Joe Biden to cancel all student loan debt in Washington, DC.

Bryan Olin Dozier via Reuters Connect

Biden forgives (some) US student loan debt

The White House on Wednesday unveiled President Biden’s long-awaited plan to tackle soaring student debt in America, which currently sits at a whopping $1.6 trillion.

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$10,000 in Student Loan Forgiveness: What's the Point? | US Politics | GZERO Media

$10,000 in student loan forgiveness: what's the point?

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC, shares his analysis on US politics.

Today's question, $10,000 in student loan forgiveness: what's the point?

President Biden is going to announce up to $10,000 in student loan forgiveness for people making up to $125,000 a year. This is far short of the full student loan forgiveness that progressive activists have been calling for and even short of the $50,000 that Democratic leaders had embraced and Biden was considering earlier in the year. Still, the forgiveness is estimated to provide at least some relief for the vast majority of the 40 million Americans with student loans and will entirely wipe out the obligations of up to 15 million Americans.

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Should the US Cancel Student Loan Debt? | GZERO World

Should the US cancel student loan debt?

Joe Biden has already cancelled more US student than any other president. But progressive Democrats want him to write off a lot more to reduce the racial wealth gap and help people recover better from COVID's economic ruin. Republicans are against all this because it would be unfair to current and future borrowers and to taxpayers footing the bill, not to mention subsidizing the rich.

Watch this episode of GZERO World with Ian Bremmer: How the COVID-damaged economy surprised Adam Tooze

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