The U.S. Department of Education plans to waive $39 billion worth of student loan repayments. This is achieved by modifying some existing programs.
The changes announced on the 14th will help more than 804,000 borrowers. The Biden administration is seeking alternatives to the $400 billion student loan forgiveness plan that the Supreme Court ruled in June to be invalid.
U.S. Supreme Court Says Student Loan Forgiveness Is ‘Extraordinary’, Biden Offers Alternatives
Under the new plan, if a borrower makes the equivalent of 20 or 25 years of repayments, more payments will be eligible for the forgiveness program.
“Broken systems have failed to keep track of progress toward waivers, and borrowers have been neglected for too long,” Secretary of Education Cardona said in a statement.
Original title:Biden Administration to Forgive $39 Billion in Student Debt (1)(excerpt)
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2023-07-14 14:12:59
