“The Biden administration announced Friday 804,000 borrowers will have their student loans eliminatedA total of $39 billion in debt in the coming weeks…” CNN reported.
That’s an average of $48,507 per borrower, each of whom must be “paying off their debt for 20 years or more and qualify for assistance.” A statement from the administration
Friday’s move addresses “historical failures” and administrative errors that failed to account for qualifying payments made by borrowers, according to the Department of Education…
The administration has done since Biden took office Approved $116.6 billion in student debt relief More than 3.4 million Americans, according to the Department of Education … although the Supreme Court Last month, he killed Biden’s loan forgiveness program. To offer up to $20,000 in federal student loan relief at one time to millions of borrowers, the administration continues to make other ways to cancel debt and make it easier for borrowers to get loan forgiveness…
Although not part of today’s action, the Department of Education is making a separate and significant change to the federal student loan system, allowing Americans to sign up for an income-based repayment plan… When the plan is fully implemented, after at least 10 years of payments, people will see their monthly payments cut in half and their remaining debt eliminated.
Last month, the administration called student debt relief “good for the economy… [G]for the country”
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