Biden to cancel more student loan debt repayment.
President Joe Biden Announces $9 Billion in Student Debt Relief
President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.
Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.
The president’s announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.
New Measures for Student Debt Relief
According to a White House fact sheet, the new measures include:
- $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs
- Nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to “income-driven repayment,” which the White House says are borrowers who made 20 years or more of payments “but never got the relief they were entitled to.”
- $1.2 billion for nearly 22,000 borrowers who have a disability who have been identified and approved for discharge through a data match with the Social Security Administration.
(Reporting By Steve Holland. Editing by Gerry Doyle)
What is student loan debt repayment.”>bidens student loan forgiveness program?
Biden’s initial student loan forgiveness plan would have cancelled $10,000 in federal student loan debt for millions of borrowers, and up to $20,000 for those who had received Pell Grants. President Joe Biden announced on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers. This move comes after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt. The total approved debt cancellation by the Biden administration now stands at $127 billion for nearly 3.6 million Americans.
The new measures for student debt relief include $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs. Additionally, nearly $2.8 billion in new debt relief will be provided for almost 51,000 borrowers through fixes to “income-driven repayment,” targeting borrowers who made 20 years or more of payments but did not receive the relief they were entitled to. Moreover, $1.2 billion will be allocated to assist nearly 22,000 borrowers with disabilities, who have been identified and approved for discharge through a data match with the Social Security Administration.
This latest announcement underscores President Biden’s commitment to addressing the student loan crisis in the United States. The burden of student debt has long been a pressing issue, and this relief will bring much-needed assistance to thousands of borrowers. The administration is taking strides to alleviate the financial strain on individuals and families by implementing these measures.
Student loan debt has been a major roadblock for many Americans, hindering their ability to achieve financial stability and pursue their dreams. By providing relief through targeted programs and debt cancellation, President Biden aims to open doors of opportunity for borrowers and help them rebuild their lives.
The White House’s focus on the Public Service Loan Forgiveness programs is particularly notable. These initiatives incentivize individuals to pursue careers in public service by offering loan forgiveness after a certain number of years working in eligible fields. By expanding debt relief under these programs, the administration is recognizing the important contributions made by those in public service roles and encouraging others to consider these career paths.
The income-driven repayment fixes will also have a significant impact, benefiting borrowers who have diligently made payments for many years but have not received the full relief they deserve. This rectification ensures that individuals who have faithfully fulfilled their financial obligations are granted the support they are entitled to, easing their financial burden and providing a sense of justice.
Furthermore, the inclusion of borrowers with disabilities showcases the administration’s commitment to inclusivity and support for vulnerable populations. By identifying and approving discharge for individuals with disabilities, the Biden administration recognizes the unique challenges these borrowers face and strives to provide them with the necessary resources to thrive.
President Joe Biden’s announcement of an additional $9 billion in student debt relief marks a significant step towards addressing the student loan crisis in the United States. It demonstrates the administration’s determination to alleviate the burden of student debt and support those who have borne the brunt of this financial strain. As the White House continues to work towards comprehensive solutions, it is clear that the administration is committed to providing relief and promoting economic well-being for millions of Americans.
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