Dec 22, Kathmandu- US President Joe Biden has given a big relief to students and professionals as his tenure ends. He has announced that he will forgive the loans of 55,000 American students. With this, it is mentioned in the media report that about 4 billion 280 million dollars of student loans will be eliminated.

Biden has reportedly decided to forgive the loans of students and other American citizens. This includes teachers, nurses, other service providers, lawyers, police officers, etc.

US Secretary of Education Miguel Cardona said that after this new decision, the way will be opened to forgive about $ 180 billion in loans of about 5 million during Biden's four years in office. Biden said that from the first day of his administration, he wanted to ensure that the people remember his government as a good ruler, not as a bad and harsh ruler. The Democratic president launched a historic student loan forgiveness program in 2022.

A 2023 report by the Pew Research Center found that one in four American adults under the age of 40 has student debt. On average, they have $20,000 to $25,000 in debt. Generally, the cost of studying in American colleges is between 10 thousand and 70 thousand dollars per year. Because of this, many students are stuck in huge debt after completing their studies.