Student debt

President Joe Biden on Aug. 24 announced that most Americans trying to pay off university loans will get $10,000 forgiven in a bid to address the decades-old headache of massive educational debt across the country.

In 11 years, less than half of the amount of the guaranteed student loans have been reimbursed to the state. Students refrain from borrowing money because of the high interest rates, although a total of EUR 20 million was earmarked for student loans in 2021. In 11 years, only 1,274 students have applied for a student loan.