The China Mail - 'Crushing': Biden unveils student debt plans to woo young voters

USD -
AED 3.672992
AFN 69.489986
ALL 84.291688
AMD 383.839605
ANG 1.789699
AOA 916.999967
ARS 1319.896786
AUD 1.54696
AWG 1.8025
AZN 1.703586
BAM 1.695528
BBD 2.019931
BDT 122.652264
BGN 1.702503
BHD 0.376963
BIF 2942.5
BMD 1
BND 1.289721
BOB 6.912904
BRL 5.607501
BSD 1.000429
BTN 87.444679
BWP 13.523249
BYN 3.273935
BYR 19600
BZD 2.009545
CAD 1.380165
CDF 2889.999809
CHF 0.809365
CLF 0.024626
CLP 965.903248
CNY 7.176898
CNH 7.203695
COP 4180.22
CRC 505.767255
CUC 1
CUP 26.5
CVE 95.950068
CZK 21.408976
DJF 177.720257
DKK 6.494535
DOP 61.000234
DZD 130.665077
EGP 48.688802
ERN 15
ETB 138.195699
EUR 0.870199
FJD 2.26455
FKP 0.749719
GBP 0.75184
GEL 2.683085
GGP 0.749719
GHS 10.501353
GIP 0.749719
GMD 72.000309
GNF 8655.999991
GTQ 7.675736
GYD 209.303031
HKD 7.84994
HNL 26.350282
HRK 6.563398
HTG 131.278148
HUF 348.138498
IDR 16447.4
ILS 3.370915
IMP 0.749719
INR 87.524998
IQD 1310
IRR 42112.496152
ISK 123.77952
JEP 0.749719
JMD 160.078717
JOD 0.709016
JPY 148.737499
KES 129.502337
KGS 87.449649
KHR 4015.000089
KMF 426.481732
KPW 899.916557
KRW 1389.709963
KWD 0.305703
KYD 0.833727
KZT 543.834174
LAK 21574.999791
LBP 89550.000023
LKR 302.24403
LRD 200.999765
LSL 17.890173
LTL 2.95274
LVL 0.60489
LYD 5.414999
MAD 9.089499
MDL 17.067261
MGA 4430.000077
MKD 53.368936
MMK 2098.902778
MNT 3590.484358
MOP 8.089174
MRU 39.820637
MUR 46.119586
MVR 15.401776
MWK 1736.499952
MXN 18.77485
MYR 4.240579
MZN 63.959915
NAD 17.889939
NGN 1531.000199
NIO 36.750139
NOK 10.251295
NPR 139.9101
NZD 1.687835
OMR 0.384529
PAB 1.000438
PEN 3.552498
PGK 4.152023
PHP 57.854002
PKR 283.249583
PLN 3.71645
PYG 7492.815376
QAR 3.64075
RON 4.416704
RSD 102.004735
RUB 81.252889
RWF 1440
SAR 3.75154
SBD 8.244163
SCR 14.472936
SDG 600.502571
SEK 9.71061
SGD 1.292885
SHP 0.785843
SLE 23.000277
SLL 20969.503947
SOS 571.50088
SRD 36.670024
STD 20697.981008
STN 21.45
SVC 8.753321
SYP 13001.94935
SZL 17.889582
THB 32.651497
TJS 9.563891
TMT 3.51
TND 2.894989
TOP 2.342098
TRY 40.582505
TTD 6.788933
TWD 29.70101
TZS 2570.000105
UAH 41.765937
UGX 3586.538128
UYU 40.034504
UZS 12600.000148
VES 122.68725
VND 26202.5
VUV 119.475888
WST 2.757115
XAF 568.669132
XAG 0.026577
XAU 0.000303
XCD 2.70255
XCG 1.80294
XDR 0.69341
XOF 568.664202
XPF 103.850093
YER 240.649912
ZAR 17.932005
ZMK 9001.198585
ZMW 22.984061
ZWL 321.999592
  • RBGPF

    -3.5200

    74.03

    -4.75%

  • BCC

    -1.2500

    84.89

    -1.47%

  • CMSC

    -0.0100

    22.6

    -0.04%

  • VOD

    -0.0500

    11.06

    -0.45%

  • SCS

    -0.1800

    10.33

    -1.74%

  • BCE

    -0.1300

    23.53

    -0.55%

  • NGG

    -0.3300

    70.19

    -0.47%

  • SCU

    0.0000

    12.72

    0%

  • RELX

    -0.1400

    51.78

    -0.27%

  • RYCEF

    -0.2800

    13.1

    -2.14%

  • JRI

    0.0500

    13.11

    +0.38%

  • RIO

    -2.7800

    59.49

    -4.67%

  • GSK

    1.3000

    38.97

    +3.34%

  • CMSD

    -0.0600

    23.06

    -0.26%

  • AZN

    2.6100

    76.59

    +3.41%

  • BTI

    0.3900

    53.16

    +0.73%

  • BP

    -0.7100

    32.25

    -2.2%

'Crushing': Biden unveils student debt plans to woo young voters
'Crushing': Biden unveils student debt plans to woo young voters / Photo: © AFP

'Crushing': Biden unveils student debt plans to woo young voters

US President Joe Biden unveiled fresh plans Monday to reduce student loan debt for tens of millions of Americans, in bid to win over young voters as he seeks reelection in November.

Text size:

The conservative-dominated US Supreme Court last year struck down the Democrat's earlier proposals to cancel several hundred billion dollars of debt.

But Biden said the court -- which features three judges appointed by his Republican election rival Donald Trump -- would "never stop" his efforts to deal with the issue.

"Today too many Americans, especially young people, are saddled with unsustainable debts in exchange for college degrees," Biden said in a speech in Madison in the election swing state of Wisconsin.

"Too many people feel the strain and stress, wondering if they're going to get married, have their first child, start a family -- because even if they get by they still have this crushing, crushing debt."

The White House said the 81-year-old's plans -- unveiled while much of America was occupied watching the solar eclipse sweeping across North America -- would provide debt relief to over 30 million Americans.

The plans would wipe out accrued interest for 23 million borrowers, cancel all student debt for four million others, and give at least $5,000 in debt relief to over 10 million borrowers.

Biden now faces a race to get the plans finalized -- and past any new legal hurdles -- in time for November's election.

Younger voters helped Biden beat then-president Trump in the 2020 election, and he will need the key demographic on his side to come from behind in the polls this year.

- 'Breathing room' -

But many young and progressive voters are angered by Biden's support for Israel's war in Gaza following the October 7 Hamas attacks, and have concerns about his age.

The White House hopes the student loan plans will help win some over, given how debts of hundreds of thousands of dollars often hang over Americans for decades as they pay for their college educations.

"It means breathing room, it means freedom from feeling like your student loan bills compete with basic needs, like grocery or health care," Education Secretary Miguel Cardona told reporters.

White House Press Secretary Karine Jean-Pierre added that Biden would "use every tool available" to cancel student debt "no matter how many times Republican elected officials tried to stand in his way."

The new plans were "entirely consistent" with the court decision last year, which the White House had studied carefully, a senior administration official said.

Biden's original plan to cancel more than $400 billion of student debt was struck down by the US Supreme Court in July last year.

The court said Biden had overstepped his powers as president and should have obtained specific authorization from Congress to launch the program. Six Republican-led states had sued over the issue.

The Supreme Court has moved sharply to the right with the three judges appointed by Republican Trump while he was president, notably with the 2022 overturning of the federal right to abortion.

Biden has also made abortion a key campaign plank, accusing Trump on Monday of "scrambling" to find a policy that voters liked after the Republican said he would leave it up to states to decide.

Z.Ma--ThChM