Over $2 billion of the aid will go to borrowers enrolled in income-driven repayment plans, while $2.6 billion will be allocated to borrowers who have worked in public service for a decade or more.
The Biden administration has announced the forgiveness of an additional $4.8 billion in student loan debt, affecting over 80,000 borrowers.
This brings the total approved debt cancellation by the Biden administration to nearly $132 billion, benefiting over 3.6 million Americans.
The Biden administration has announced the forgiveness of an additional $4.8 billion in student loan debt, affecting over 80,000 borrowers. This brings the total approved debt cancellation by the Biden administration to nearly $132 billion, benefiting over 3.6 million Americans. The relief is a result of efforts to fix the Public Service Loan Forgiveness and income-driven repayment plans.
Over $2 billion of the aid will go to borrowers enrolled in income-driven repayment plans, while $2.6 billion will be allocated to borrowers who have worked in public service for a decade or more. The administration has been granting student loan forgiveness on a rolling basis since taking office. The Department of Education has also been fixing past administrative errors and recounting past payments to ensure borrowers receive the forgiveness they are entitled to.
The Biden administration plans to notify eligible borrowers every other month into next year. This announcement comes as the administration's latest proposal for student loan forgiveness enters a critical new phase. The proposal focuses on helping longtime borrowers and those burdened by interest. The final round of policy negotiations is scheduled for next week.
The administration is also working on creating a new one-time student loan forgiveness program. The Administration has also made other improvements to the student loan system, including increasing Pell Grants and creating the SAVE plan. However, it's important to note that Republican nominees for president oppose student loan forgiveness, arguing that it is illegal and unfair to taxpayers. Despite this, voters support forgiving at least some student loan debt by a 2-to-1 margin.
Over $2 billion of the aid will go to borrowers enrolled in income-driven repayment plans, while $2.6 billion will be given to borrowers who have worked in public service for a decade or more.
Republican nominees for president oppose student loan forgiveness, arguing that it is illegal and unfair to taxpayers.
Voters support forgiving at least some student loan debt by a 2-to-1 margin.
The administration has been granting student loan forgiveness on a rolling basis since taking office.
The Department of Education has also been fixing past administrative errors and recounting past payments to ensure borrowers receive the forgiveness they are entitled to.
The administration is also working on creating a new one-time student loan forgiveness program.
This relief is a result of efforts to fix Public Service Loan Forgiveness and ensure that borrowers who have been in repayment for at least 20 years receive the relief they are entitled to.
The Administration has also made other improvements to the student loan system, including increasing Pell Grants and creating the SAVE plan.
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Half of the forgiveness, $2.2 billion, came from fixes to the income-driven repayment process, which historically did not accurately count progress toward forgiveness.
The Biden administration plans to notify eligible borrowers every other month into next year.
This announcement comes as the administration's latest proposal for student loan forgiveness enters a critical new phase. The proposal focuses on helping longtime borrowers and those burdened by interest. The final round of policy negotiations is scheduled for next week.