The Government of the President of USA, Joe Bidenannounced this Wednesday that it will forgive student debt for another 153,000 people and automatically cancel $1.2 billion in loans.
Loan holders whose debt will be canceled will receive an email from President Joe Biden starting today informing them of the forgiveness, the Department of Education said in a statement.
This Wednesday is one of the actions that the Democratic Executive has taken to address school debt, after the Supreme Court struck down in June last year a $400 billion student debt forgiveness macro plan that would have canceled up to 20,000 dollars in loans to more than 40 million borrowers.
Although his initial plans ended up being frustrated by the Supreme Court, Biden has canceled the student debt of more than 3.9 million people since he arrived at the White House in January 2021, according to official data.
The 153,000 borrowers who qualify for the latest debt forgiveness are those who are enrolled in the payment plan Saving on a Valuable Education (SAVE) and that they have made at least 10 years of payments.
“With today’s announcement, we are once again sending a clear message to borrowers who had low balances: if you have been paying for a decade, you have done your part and deserve relief.”stated the Secretary of Education, Miguel Cardona.
After receiving the email, beneficiaries will not need to take any additional steps to receive forgiveness.
The Department of Education, the document states, will continue to identify and cancel loans on a regular basis. EFE (I)
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