Student loan forgiveness is 'good for the economy, Biden says in California

US President Joe Biden announced an expansion to his student loan forgiveness plan at a Culver City, California library.

Joe Biden, US president said "This is the kind of relief that can be lifechanging for individuals and for their families. And it’s good for the economy as a whole.

By freeing millions of Americans from the crushing debt of student loan programs, it means they can finally get on with their lives instead of their lives being put on hold. Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness, putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign.