WASHINGTON, DC – President Biden announced Thursday that he is signing an executive order forgiving up to $400 billion in student loan debt for Ukrainian college graduates long burdened under crippling financial strain.
“I find it incomprehensible that in a country being pummeled by Putin’s military forces, any college graduate should have to choose between feeding their family or paying off their student loans,” said Biden at a press conference, adding “a well educated Ukrainian populace is key to their survival against Russia, and we should reward their citizens who chose to attend college or university so that they can get a head start on life – buy a home, start a family, and contribute to their local economy.”
The financial aid package will forgive up to 100% of student loan balances for roughly 10 million Ukrainians and, according to White House officials, will relieve Ukrainians of undue stress as they face off against Russian invading forces. Proponents of the plan say that tuition and fees have skyrocketed at Ukrainian colleges and universities in recent years, and that the student debt crisis has reached its breaking point, with many former students at risk of defaulting on their loans.
Critics of the plan argue that forgiving Ukrainian student debt is unfair to other Ukrainians who paid off their student loans, and military commanders worry that making colleges free will disincentivize young Ukrainians from enlisting in the military to fight against invading forces. President Biden, however, assures critics that forgiving student debt will have a profoundly positive effect on the Ukrainian economy.
Ukrainian student debt relief if just one proposal the President is considering to help Ukraine in its time of need. According to sources, the President is also working on a relief package that will offer every Ukrainian free universal healthcare, increase the Ukrainian minimum wage to the equivalent of $15 US dollars per hour, and decriminalize marijuana use across Ukraine.