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President Trump cancels federal student loans held by disabled US veterans.
Trump announced the new Executive Memorandum during a speech to the American Veterans Organization in Louisville, Kentucky on Wednesday.
"I am taking steps to ensure that our wounded warriors do not struggle with mountains of student debt," Trump told an audience of veterans. He orders the Department of Education "to eliminate every penny of federal debt contracted under education loans to US veterans totally and permanently disabled."
This order will help more than 25,000 eligible veterans with student loan debt worth about $ 30,000, Trump said. No federal taxes will be levied on the canceled debts, and the president urges each state to waive taxes on this benefit.
The Congress is currently considering a bill aimed at achieving the same goal in the law on the obligation for veterans deserving of studies acquired by the federal government, or law on FREED veterinarians. The bill would shift the burden of student loan debt held by disabled veterans on US taxpayers, whether every veteran is applying for the program or not.
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