Fil"An entire generation is now saddled with unsustainable  debt in exchange for an attempt, at least, at a college degree," Biden remarked  Wednesday.

Biden announced that Americans who earn less than $125,000 per year, or $250,000 jointly, are eligible to receive $10,000 in relief, while Pell Grant recipients are able to receive $20,000.

"The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided."

However, the $500 billion taxpayer-funded handout won't solve the long-term systemic issue with overall student loan debt projected to return to its current level of $1.6 trillion within five years.

According to the American Medical Association, the average first-year U.S. resident physician earns about $60,000 a year. Doctors begin residency immediately after graduating from medical school

Doctors will typically earn about 3% more every additional year of their residency which lasts between 3-7 years depending on the specialty.

 Positions at smaller firms and government agencies pay between $55,000 and $85,000.

By the end of their residency doctors may earn up to $75,000 per year.

In addition, the average salary of a law school graduate is about $103,000, according to the National Association for Law Placement.