Biden seeks to cancel some interest on student loans, aiding 23 million Americans | ABS-CBN News
President Joe Biden announced on Monday plans to ease student debt that would benefit at least 23 million Americans, his administration said, addressing a key issue for young voters whose support he needs as he seeks re-election in November.
For more ABS-CBN News videos, click the link below:
https://www.youtube.com/playlist?list=PLgyY1WylJUmgUHWUpi2ioSp4xAP1SmAaf
For more latest news and analysis from ABS-CBN News videos, click the link below:
https://www.youtube.com/playlist?list=PLgyY1WylJUmg4pcvfM9a96rbUcLD_0P_U
For more News Digital News Raw Cuts, click the link below:
https://www.youtube.com/playlist?list=PLgyY1WylJUmi83yKJH8Dv0p_3D4cyZKzV
Subscribe to the ABS-CBN News channel! - http://bit.ly/TheABSCBNNews
Watch the full episodes of TV Patrol on iWantTFC:
http://bit.ly/TVPatrol-iWantTFC
Visit our website at http://news.abs-cbn.com
Facebook: https://www.facebook.com/abscbnNEWS
Twitter: https://twitter.com/abscbnnews
#Exclusive
#LatestNews
#ABSCBNNews
ABS-CBN News
Run time: 04:30
Has AI Subtitles
* AI ("Artificial Intelligence") subtitles on Tagalog.com are generated using "Whisper" by OpenAI (the same company that created ChatGPT and DallE2). Results and accuracy may vary.
* The subtitles do include errors occasionally and should only be used as a tool to help with your listening practice.
* You can request this website to create a transcript for a video if one doesn't already exist by clicking the "Request AI Subtitles" button below a video. Transcribing usually takes 30-40% of the length of a video to complete if there are no other videos in
the queue. For example, a 21 minute video will take 7-8 minutes to transcribe.
* Running a super fast cloud GPU server to do these transcriptions does cost money. If you have the desire and financial ability, consider
becoming a patron
to support these video transcriptions, and the other tools and apps built by Tagalog.com
00:00.0
Hello, Wisconsin!
00:17.1
Hello, hello, hello!
00:19.5
Because this relief can be life-changing, life-changing, just as you heard from Ashley.
00:25.0
Folks, I will never stop to deliver student debt relief on hardworking Americans,
00:30.6
and it's only in the interest of America that we do it.
00:33.4
And again, it's for the good of our economy that's growing stronger and stronger, and it is.
00:39.0
By freeing millions of Americans from this crushing debt of student debt,
00:42.2
it means they can finally get on with their lives instead of their lives being put on hold.
00:49.1
And making this important center more comfortable for the kids that use it.
00:55.0
Today, I'm proud to announce five major actions to continue to relieve student debt
01:00.3
from more than 30 million Americans since I started my administration.
01:04.8
First, my administration will propose a new rule to cancel up to $20,000 in runaway interest
01:10.9
for any borrower that owes more now than when they started paying the loan.
01:20.1
That's a big difference.
01:23.2
And for low and middle class,
01:25.0
families enrolled in my SAVE program will cancel all of your interest.
01:29.4
All of your interest.
01:31.9
And second, we plan to cancel student debt for borrowers who still owe student loans
01:38.1
even though they started repaying them more than two decades ago.
01:43.7
Folks, third, we plan to cancel debt for about 2 million borrowers
01:47.8
who would be eligible for debt forgiveness through the SAVE program.
01:51.1
Public service loan forgiveness or other debt canceling programs.
01:55.0
But are not enrolled in these programs.
01:58.2
Some of you are only finding out after the fact as a teacher, a firefighter, or a cop
02:03.5
that you qualify but you just didn't know about it before.
02:07.2
And now people are, but you're eligible no matter how long you've been out of the program.
02:12.3
Fourth, we plan to cancel debt for borrowers who the Department of Education
02:16.7
determines were cheated by universities
02:20.0
that left students in unaffordable loans and delivered little in benefits to students.
02:25.0
And you know, you know one of those, you know one of those colleges was closed.
02:31.8
I won't mention it.
02:33.4
And finally, the Department of Education will propose a new rule to cancel student debt
02:39.1
for Americans facing financial hardships from child care to health care
02:43.0
to prevent them from paying back their loans.
02:46.6
And over the coming months, the Department of Education will propose
02:49.0
and then implement these plans.
02:50.9
And starting this fall, we plan to deliver up to $20,000.
02:55.0
$20,000 in interest relief to over 20 million borrowers
02:58.1
and full forgiveness for millions more.
03:04.2
Here in Madison and across the country.
03:07.8
And in the State of the Union, he called on Congress.
03:12.0
Because while college degree still is a ticket to the middle class,
03:16.0
that ticket's becoming much too expensive.
03:18.8
Much too expensive.
03:20.4
And growing the middle class.
03:25.0
there's surely more work ahead of us.
03:27.4
I also want to make, and I've been pushing this,
03:30.2
and if I'm re-elected, I'm going to push it hard.
03:32.5
We're going to get it done next time.
03:34.2
Is I want to make community college tuition free.
03:39.2
So you won't need loans at all.
03:42.3
And cut in half the cost of going to college.
03:46.2
We are so excited to have President Joe Biden
03:50.0
and God bless you all.
03:52.6
And may God protect our troops.
