Biden administration announces $39 billion in student debt relief following administrative fixes
Headline from The Buffalo News
The Biden administration announced Friday that 804,000 borrowers will have their student debt wiped away, totaling $39 billion worth of debt, in the coming weeks due to fixes that more accurately count qualified monthly payments under existing income-driven repayment plans.
The Buffalo News's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
The Education Department will forgive the debts of 804,000 people, an effort to fix what it calls "administrative failures" that denied student loan borrowers relief they were eligible for under their repayment plans.
The Biden administration announced Friday that 804,000 borrowers will have their student debt wiped away, totaling $39 billion worth of debt, in the coming weeks due to fixes that more accurately count qualified monthly payments under existing income-driven repayment plans.
The Department of Education said Friday it would begin notifying more than 804,000 borrowers that they will have a total of $39 billion in student loan debt forgiven.
The Biden administration said the student loan forgiveness for hundreds of thousands of people is being offered to correct errors from previous administrations.
Since Biden took office, his administration has approved $116.6 billion in student debt relief for more than 3.4 million Americans, according to the Department of Education.
The Department of Education has announced that the Biden administration will be immediately forgiving another $39 billion in student loan debt for 804,000 borrowers.
The Education Department has launched a regulatory "rulemaking" process to pursue his $430 billion loan relief plan. That process is expected to take months.
The Biden administration is canceling $39 billion in student loan debt for more than 804,000 borrowers, just weeks after the Supreme Court declared unconstitutional the president’s broader student-loan forgiveness program.
U.S. President Joe Biden's administration will automatically cancel $39 billion in student debt for more than 800,000 borrowers, CNBC reported on Friday.
The Biden administration seems to have found a way to work around the recent Supreme Court decision that struck down Joe Biden's plan to slash student debt.
The administration says the new round of student loan forgiveness address “historical inaccuracies" in counting payments that qualify toward income-driven repayment plans.
