Biden admin unveils $39B student debt relief post Supreme Court’s rejection of previous plan.
Over 800,000 Student Loan Borrowers to Have Debt Cleared
Exciting news for student loan borrowers! In the coming weeks, more than 804,000 individuals will have their debt cleared, eliminating a staggering $39 billion in payments. This incredible relief is made possible by a fix to income-driven repayment plans, as announced by the Biden administration on Friday.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,”
– Education Secretary Miguel Cardona
This announcement comes on the heels of the Supreme Court’s decision to strike down President Joe Biden’s ambitious student loan forgiveness plan. Although that plan aimed to eliminate around $400 billion in student loans, the court ruled against it. However, President Biden wasted no time in promising additional action to address the student debt crisis, staying true to his campaign promises made in 2020.
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