(Washington, DC) -- The White House is promoting President Biden's cancellation of some federal student loan debt. Domestic policy adviser Susan Rice said it'll give borrowers relief while streamlining the business of student loans. She noted it also fulfills a Biden campaign pledge and eases the financial burden on millions of Americans.
The forgiveness offers ten-thousand dollars of debt relief for those earning less than 125-thousand dollars per year. Those who went to college on low-income Pell Grants qualify for 20-thousand dollars of debt relief. Senate Republican leader Mitch McConnell called it "student loan socialism."