Education Secretary advises students with loans to make payments based on their affordability.
Education Secretary Miguel Cardona Vows to Continue Support for Student Loan Holders
“The goal is to be able to pay what you can afford. Right now people are falling into default because the college loan payments are too high for the salaries,” Mr. Cardona said.
“Clearly, we’re not done fighting for the borrowers. We’re not done fighting for accessible higher education and that’s something we’re going to be committed to.”
Education Secretary Miguel Cardona expressed his commitment to providing relief for student loan holders and finding ways to alleviate the burden of existing borrowers. This comes in the wake of the Supreme Court’s recent decision to strike down a government attempt to forgive millions of student loans.
Mr. Cardona criticized the Supreme Court’s ruling, stating that they “got it wrong.” However, he emphasized that any future decisions on student loan forgiveness will align with the Supreme Court’s ruling.
The Supreme Court’s decision on June 30 invalidated a student debt forgiveness plan proposed by the federal administration. This plan aimed to eliminate up to $20,000 in debt for around 40 million borrowers, potentially costing the government $800 billion or more.
In response to the ruling, Mr. Cardona expressed disappointment, stating that it was a blow to students and families across the country. However, the Education Department swiftly announced a new income-driven repayment plan called Saving on a Valuable Education (SAVE), which Mr. Cardona described as the “most affordable repayment plan in history.”
Additionally, the Biden administration revealed that they were exploring alternative paths to debt relief for student loan borrowers. On July 14, the Education Department unveiled a $39 billion plan that forgives outstanding loans for 804,000 borrowers who have made consistent repayments for 20 to 25 years or 240 to 300 monthly payments.
While this plan received criticism for its potential impact on the American economy, President Biden defended it and accused Republican lawmakers of not caring enough about the hardships faced by everyday Americans. Some political experts believe that this student loan forgiveness program could serve as a strategic move for Biden’s presidential campaign, allowing him to highlight the GOP’s opposition to the plan.
Despite the challenges and opposition, Education Secretary Miguel Cardona remains determined to support student loan holders and fight for accessible higher education. The department will continue to explore ways to provide relief and ensure that loan payments are affordable for borrowers.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...