Biden says he’s ‘not stopping’ student debt relief efforts as he unveils five new initiatives in Wisconsin

President Joe Biden on Monday said his latest efforts to cut down on Americans’ student debt loads would be a boon to the US economy as he unveiled a series of new executive actions to reduce or eliminate student debt for many borrowers at an event in Madison, Wisconsin.

Mr Biden said his administration’s newest initiatives are an outgrowth of his promise to find “alternative paths to reduce student debt” loads that have become “so burdensome” that many borrowers simply can’t repay what they owe, making student debt problem because it keeps Americans from starting businesses or buying homes or starting families in many cases.

“It’s a drag on economies… when you can’t afford to buy a home, start that small business, chase that career that you’ve been dreaming about for a long time,” he said.

He also said the new programs would “give everybody a fair shot” and the “freedom to chase their dreams” by building on two existing programmes his administration has reformed — the Public Service Loan Forgiveness programme and the Income-Driven Repayment progamme, both of which now help more than 25,000 American per month to see their student debts entirely forgiven, and have lowered payments for hundreds of thousands more.

The president’s trip to Madison, the Badger State’s capital and the location of its’ flagship state university, came as part of a push to shore up support from younger voters ahead of the 2024 presidential election.

During his 2020 campaign against then-president Donald Trump, Mr Biden made forgiving Americans’ student loans a significant part of his pitch to college-aged and Millenial generation voters, many of whom are saddled with massive debts from undergraduate or graduate studies.

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