Many student loan borrowers are worried they'll miss at least one payment when repayment begins, according to a survey by Morning Consult. But the Biden administration announced new student loan relief initiatives after the Supreme Court shut down its student loan forgiveness plan.
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Last month, the Supreme Court correctly struck down the Biden administration’s politically expedient attempt to forgive up to $20,000 of student loans for 40 million borrowers. The administration has pushed forward with other proposals, including modifying existing forgiveness programs and going…
The Biden administration said the student loan forgiveness for hundreds of thousands of people is being offered to correct errors from previous administrations.
The administration says the new round of student loan forgiveness address “historical inaccuracies" in counting payments that qualify toward income-driven repayment plans.
The 800,000 borrowers who qualify are just the first wave in what is expected to be one of Biden’s most significant student loan forgiveness initiatives.
The action is a result of what the department calls a “fix” to income-driven repayment plans. It’s expected to provide $39 billion in federal student loan forgiveness.
The action is a result of what the department calls a “fix” to income-driven repayment plans. It’s expected to provide $39 billion in federal student loan forgiveness.
Though Biden's plan for sweeping loan forgiveness was struck down at the Supreme Court, the Education Department is still free to spend billions of taxpayer dollars.
Recent grads will likely be out of luck, as borrowers will have to take a deep dive into at least 20 years of their payment history to determine if their student loans will be forgiven as a result of Friday’s announcement.
The loan forgiveness comes after past mishandling of income-driven repayment plans, which were designed for low-income borrowers. The move will erase $39 billion in federal student loan debt.
The Biden administration said the student loan forgiveness for hundreds of thousands of people is being offered to correct errors from previous administrations.
The Department of Education said lapses in its payment tracking system failed to account for some payments that would have pushed borrowers closer to a certain forgiveness date.
The Supreme Court may have struck down a sweeping plan for student loan debt forgiveness, but under President Biden's new income-driven repayment plan, SAVE, borrowers stand to pay thousands less.
The Biden administration announced it will relieve $39 billion in student loan debt, weeks after the Supreme Court struck down President Joe Biden's initial student loan plan.
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