Biden forgives millions of student loans; critics fear inflation

President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans

President Joe Biden said on Wednesday the U.S. government will forgive $10,000 in student loans for millions of debt-saddled former college students, keeping a pledge he made in the 2020 campaign for the White House, Qazet.az reports.

The move could boost support for his fellow Democrats in the November congressional elections, but some economists said it may fuel inflation and some Republicans in the U.S. Congress questioned whether the president had the legal authority to cancel the debt.