Joe Biden’s administration will cancel $10,000 in student loan repayments for millions of Americans in a move that has pleased progressives but threatens to push up inflation.
The US president announced the decision on Wednesday, following months of deliberations over the exact structure of the debt forgiveness scheme.
Biden paused most student debt repayments during the coronavirus pandemic but has been under pressure from many on the left of his party to cancel a large chunk, if not all of it, outright. However, some economists have warned that doing so could add further fuel to the country’s high inflation rates.
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