@nowthisimpact: The Biden administration announced on Oct 4 that it is forgiving another $9 billion in student debt for approx 125,000 borrowers, just days after federal student loan repayments restarted following a more than 3-year pause. In June, the Supreme Court struck down President Joe Biden’s wider student loan forgiveness program that would have canceled up to $20,000 in federal loan debt for Pell Grant recipients and up to $10,000 for others. That defeat has left the admin scrambling for other legal avenues to forgive debt for certain student borrowers. This latest initiative provided loan forgiveness to 22,000 borrowers with a total or permanent disability, as well as 53,000 borrowers covered by Public Service Loan Forgiveness programs, which apply to certain public sector employees. The move also sought to address discrepancies in income-based payment plans by providing relief to 51,000 individuals who had been repaying their debt for 20 years, according to the admin. The Department of Education said the admin has so far forgiven $127 billion in debt for almost 3.6 million student loan borrowers. ‘For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,’ U.S. Secretary of Education Miguel Cardona said in a statement. ‘Today’s announcement builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families,’ he added. #biden #politics #studentloandebt #studentloanforgiveness

NowThis Impact

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Wednesday 04 October 2023 21:11:22 GMT