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Biden Forgives Student Loans for Millions of Americans

The White House said skyrocketing student loan debt is a significant burden

On Wednesday, President Joe Biden said the U.S. government will forgive $10,000 in student loans for many debt-saddled college-goers, a move that could boost support for his fellow Democrats in the November congressional elections but also may fuel inflation.

Canceling the debt will free up hundreds of billions of dollars for new consumer spending that could be aimed at homebuying, adding a new wrinkle to the country's inflation fight, according to economists.

"Earning a college degree or certificate should give every person in America a leg up in securing a bright future. But for too many people, student loan debt has hindered their ability to achieve their dreams - including buying a home, starting a business or providing for their family," Education Secretary Miguel Cardona said in a statement.

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