The Japan Times - 'Crushing': Biden unveils student debt plans to woo young voters

EUR -
AED 4.133138
AFN 72.027425
ALL 91.054314
AMD 402.96881
ANG 2.014277
AOA 1033.14418
ARS 1745.241157
AUD 1.615743
AWG 2.028586
AZN 1.913272
BAM 1.958287
BBD 2.254864
BDT 139.387024
BGN 1.96706
BHD 0.422586
BIF 3361.625815
BMD 1.125429
BND 1.433975
BOB 13.516725
BRL 6.177366
BSD 1.119382
BTN 106.118457
BWP 15.48474
BYN 3.326511
BYR 22058.414529
BZD 2.251379
CAD 1.571341
CDF 2602.544245
CHF 0.915284
CLF 0.028081
CLP 1105.172224
CNY 7.507289
CNH 7.516034
COP 3657.870352
CRC 507.984213
CUC 1.125429
CUP 26.865778
CVE 110.393431
CZK 24.348615
DJF 199.338366
DKK 7.47392
DOP 67.45758
DZD 152.73536
EGP 62.238132
ERN 16.88144
ETB 183.726096
FJD 2.530809
FKP 0.838747
GBP 0.835254
GEL 2.916217
GGP 0.838747
GHS 13.047179
GIP 0.838747
GMD 83.281949
GNF 9915.491527
GTQ 8.557956
GYD 234.652993
HKD 8.828756
HNL 30.086601
HRK 7.618042
HTG 146.74637
HUF 364.996977
IDR 20422.040309
ILS 3.559397
IMP 0.838747
INR 106.430047
IQD 1697.044165
IRR 2119643.13589
ISK 136.221394
JEP 0.838747
JMD 177.555778
JOD 0.797943
JPY 177.323738
KES 146.238736
KGS 98.418682
KHR 4572.339726
KMF 496.314435
KPW 1012.886338
KRW 1506.015392
KWD 0.350279
KYD 0.932869
KZT 506.683496
LAK 25210.882055
LBP 100774.562843
LKR 372.43667
LRD 190.305627
LSL 18.658876
LTL 3.3231
LVL 0.680761
LYD 7.183229
MAD 11.001199
MDL 20.250199
MGA 5081.821829
MKD 61.554534
MMK 2362.862285
MNT 4049.392792
MOP 9.046364
MRU 45.438055
MUR 53.234939
MVR 17.393489
MWK 1941.023673
MXN 21.220527
MYR 4.582858
MZN 71.925962
NAD 18.658876
NGN 1512.813439
NIO 41.198112
NOK 10.420097
NPR 169.787266
NZD 2.01014
OMR 0.432713
PAB 1.119603
PEN 3.879714
PGK 5.022378
PHP 71.428752
PKR 309.656048
PLN 4.418199
PYG 6687.49322
QAR 4.080747
RON 5.343315
RSD 117.655764
RUB 91.920687
RWF 1655.596682
SAR 4.234922
SBD 9.061639
SCR 15.757421
SDG 676.947559
SEK 10.956853
SGD 1.439717
SHP 0.839059
SLE 25.78379
SLL 23599.694922
SOS 639.741426
SRD 42.250915
STD 23294.11454
STN 24.531155
SVC 9.795222
SYP 14632.831569
SZL 18.641356
THB 37.951161
TJS 10.287797
TMT 3.950257
TND 3.344891
TOP 2.709763
TRY 56.296339
TTD 7.588694
TWD 37.022689
TZS 2975.744284
UAH 51.10805
UGX 4729.502254
USD 1.125429
UYU 45.003356
UZS 13349.530705
VES 1001.673275
VND 28962.360648
VUV 134.45766
WST 3.127916
XAF 655.957
XAG 0.022911
XAU 0.000286210383
XCD 3.041529
XCG 2.017411
XDR 0.795737
XOF 655.957
XPF 119.331742
YER 265.798227
ZAR 18.698222
ZMK 10130.219225
ZMW 22.684988
ZWL 362.38778
SSP 6466.67726
MXV 2.389225
  • RYCEF

    0.1000

    19.81

    +0.5%

  • VOD

    -0.2500

    16.33

    -1.53%

  • CMSC

    -0.2800

    20.12

    -1.39%

  • RBGPF

    -2.0000

    65

    -3.08%

  • RIO

    -0.2500

    94.16

    -0.27%

  • BTI

    -1.2000

    54.85

    -2.19%

  • NGG

    -0.3000

    74.94

    -0.4%

  • GSK

    -0.3500

    49.35

    -0.71%

  • BCE

    -0.4200

    20.14

    -2.09%

  • CMSD

    -0.3400

    19.93

    -1.71%

  • BP

    -0.9100

    43.52

    -2.09%

  • RELX

    0.1700

    33.24

    +0.51%

  • BCC

    -0.6200

    75.97

    -0.82%

  • AZN

    -1.9400

    164.21

    -1.18%

  • JRI

    0.0000

    10.77

    0%

'Crushing': Biden unveils student debt plans to woo young voters
'Crushing': Biden unveils student debt plans to woo young voters / Photo: ANDREW CABALLERO-REYNOLDS - 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.

S.Yamada--JT