{"id":1973203,"date":"2023-07-14T14:54:02","date_gmt":"2023-07-14T18:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-announces-student-loan-forgiveness-for-804000-borrowers-via-39-billion-fix\/"},"modified":"2023-07-14T14:55:04","modified_gmt":"2023-07-14T18:55:04","slug":"biden-admin-announces-student-loan-forgiveness-for-804000-borrowers-via-39-billion-fix","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-announces-student-loan-forgiveness-for-804000-borrowers-via-39-billion-fix\/","title":{"rendered":"Biden Admin to Forgive Student Loans for 804K Borrowers with $39B &#8216;Fix&#8217;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-admin-announces-student-loan-forgiveness-for-804000-borrowers-via-39-billion-fix%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1973203&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration to Forgive $39 Billion in Student Loans for Over 800,000 Borrowers<\/h2>\n<p>The Biden administration has made a groundbreaking announcement, stating that it will forgive $39 billion in federal student loans for over 800,000 borrowers. This news was released by the Department of Education in a Friday <a href=\"https:\/\/www.ed.gov\/news\/press-releases\/biden-harris-administration-provide-804000-borrowers-39-billion-automatic-loan-forgiveness-result-fixes-income-driven-repayment-plans\" target=\"_blank\" rel=\"noopener\">news release<\/a>.<\/p>\n<p>The Department of Education explained that these loan discharges are a direct result of the Biden administration&#8217;s efforts to fix the income-driven repayment (IDR) plans. These plans are designed to make student loan debt more manageable by determining monthly payments based on the borrower&#8217;s income and family size.<\/p>\n<p>Under these IDR plans, borrowers become eligible for loan forgiveness after making 20 or 25 years&#8217; worth of monthly payments. The Department of Education stated that 804,000 borrowers will soon receive notifications regarding their loan forgiveness.<\/p>\n<h3>Addressing a Broken System<\/h3>\n<p>Secretary of Education Miguel Cardona emphasized that this move is a crucial step in addressing a &#8220;broken system.&#8221; He acknowledged that many borrowers have fallen through the cracks of an inefficient system that failed to accurately track their progress towards loan forgiveness.<\/p>\n<p>Cardona stated, &#8220;By <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-announces-39-billion-student-loan-forgiveness-for-over-800000-borrowers\/\" title=\"Biden unveils B student loan forgiveness for 800K+ borrowers.\">fixing past administrative failures<\/a>, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans.&#8221;<\/p>\n<p>This announcement comes after the Supreme Court <a href=\"https:\/\/www.westernjournal.com\/scotus-rules-400b-student-debt-cancellation-plan-bad-news-biden\/\" target=\"_blank\" rel=\"noopener\">struck down<\/a> Biden&#8217;s plan to cancel $400 billion in student loan debt in June. The court ruled that the administration had exceeded its constitutional powers in making this decision.<\/p>\n<p>Undeterred by this setback, President Biden expressed his determination to find alternative ways to provide relief to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-attempts-to-quell-fears-over-inflation\/\" title=\"Joe Biden attempts to quell fears over inflation\">hard-working middle-class families<\/a>. The solution came in the form of the <a href=\"https:\/\/www.westernjournal.com\/biden-hatches-backdoor-student-loan-forgiveness-plan-bypass-scotus-ruling\/\" target=\"_blank\" rel=\"noopener\">Higher Education Act<\/a>, signed by President Lyndon B. Johnson in 1965. This act grants the education secretary the authority to &#8220;compromise, waive, or release&#8221; student loans.<\/p>\n<h3>A Commitment to Further Relief<\/h3>\n<p>Vice President Kamala Harris joined President Biden in expressing their commitment to providing further relief to student loan borrowers. In a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/07\/14\/statement-from-vice-president-kamala-harris-on-additional-student-loan-forgiveness\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>, Harris stated that they will not stop at forgiving $39 billion in student loan debt.<\/p>\n<p>Harris said, &#8220;President Joe Biden and I are committed to delivering relief to student loan debt borrowers to help them move forward with their lives \u2014 whether they want to start a family, buy a home, or become an entrepreneur. Our Administration will continue to fight to make sure Americans can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-cancel-39-billion-in-student-debt\/\" title=\"Biden to erase B student debt.\">access high-quality postsecondary education<\/a> without taking on the burden of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-announces-student-loan-forgiveness-for-804000-borrowers-via-39-billion-fix\/\" title=\"Biden Admin to Forgive Student Loans for 804K Borrowers with B 'Fix'\">unmanageable student loan debt<\/a>.&#8221;<\/p>\n<p>With this monumental decision, the Biden administration is taking significant steps towards alleviating the burden of student loan debt and providing a fresh start for hundreds of thousands of borrowers.<\/p>\n<p>Read more: <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/biden-admin-announces-student-loan-forgiveness-804000-borrowers-via-39-billion-fix\/\">Biden Admin Announces Student Loan Forgiveness for 804,000 Borrowers via $39 Billion &#8216;Fix&#8217;<\/a><\/p>\n<p>Source: <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration will forgive $39 billion in federal student loans for 800,000 borrowers. The Department of Education announced this in a Friday news release, attributing the discharges to the administration&#8217;s efforts to provide accurate loan counts for all borrowers.<\/p>\n","protected":false},"author":2186,"featured_media":1973204,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1973203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1973203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1973203"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1973203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1973204"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1973203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1973203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1973203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}