Biden administration cancels student loans of more than 150,000 borrowers under new plan
Biden administration cancels student loans of more than 150,000 borrowers under new plan
Those who qualify must be enrolled in the administration's Saving on a Valuable Education repayment plan, which was launched last summer.
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For borrowers with debt <= $12,000, who have been making payments for at least 10 yrs and are enrolled in SAVE plan, if you're curious if you're affected.
Seems like a pretty narrow field, but at least it's something.
He's been chipping away to make good on his campaign promise since doing it in one big go was shot down. The effect will be similar overall but each time it is going to be narrow shit like this. Overall it has been more than $130 billion forgiven.
Crazy that earning north of $67k/year qualifies you as "high income".
Should also be noted that an enormous part of that $138B is
Fixing the Public Service Loan Forgiveness program so that borrowers who go into public service get the debt relief they’re entitled to under the law. Before President Biden took office, only 7,000 people ever received debt relief through PSLF. After fixing the program, the Biden-Harris Administration has now cancelled student loan debt for nearly 800,000 public service workers.
Cancelling student loan debt for more than 930,000 borrowers who have been in repayment for over 20 years but never got the relief they earned because of administrative failures with Income-Driven Repayment Plans.
Which was debt relief already provided for under prior administrations that the Trump admin simply ratfvcked during his term in office. This isn't new money and it isn't even "forgiveness" in a broad sense. These are loans that have already been paid back to their face value and are persisting entirely due to the high interest rates preventing lenders from hitting the principle.
Might also be worth noting that the $1B in debt relief comes out of a federal student debt pool of $1.6T