Washington: US President Joe Biden has fulfilled his 2020 election promise of canceling student loans. He had announced that education loans of up to USD 10,000, i.e. INR 8 lakh, would be waived for those with an annual income of less than USD 1,25,000. It is said that all these benefits are applicable to those who have an individual income of 1 lakh 25 thousand dollars and a family income of 2 lakh 50 thousand dollars.
Biden said that students from low-income families will have their education loans waived up to $20,000, or up to 16 lakh rupees in Indian rupees. Students who are affected due to Corona will benefit from this. Joe Biden has reduced the 10 percent of monthly income for education loan deduction to 5 percent. Besides, he has announced that up to 12 thousand dollars will be canceled for those who have paid their education loan for 10 years.
This concession was given only to those who completed 20 years of construction. Due to Corona, the relief given to the education loan was to end on August 31, but he ordered it to be extended till November. This announcement by the US President has become a talking point in developing countries, especially in India.