Tonight, president offers relief for millions of Americans burdened with federal student loans. The President pledged to wipe away thousands dollars of college debt, and his administration is also proposing big changes to the repayment programs. The highly anticipated plan forgives up to twenty thousand dollars for individual borrowers following through on a campaign promise he made in 2020. The average US household with student debt owes nearly fifty-nine thousand. That’s more than forty-five million borrowers owe more than 1.7 trillion dollars in student loan. Republicans are calling it a handout, leader M.M describing it as student loan socialism. When the president made the announcement today, so many borrowers rushed to find out their load information that load providers were overwhelmed. The president says his plan will help quote “fix a badly broken system”. With today’s announcement, the government is forgiving ten thousand dollars in federal loans for anyone earning less than one hundred and twenty-five thousand dollars a year, twenty thousand for those with Pell Grants for low-income students. Anyone with federal undergraduate loans will have repayments capped at five percent of monthly income, and the pandemic pause for loan repayment will extend to the end of the year. While some progressives wanted full loan forgiveness, Republicans slammed president’s move. And tuition keep rising, in 1980s, average costs of private four-year college was roughly five thousand five hundred dollars annually. This last school year, it was thirty-seven thousand dollars.