{"id":2008413,"date":"2023-08-22T17:01:01","date_gmt":"2023-08-22T21:01:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-calls-bidens-debt-relief-plan-a-massive-step-in-the-right-direction\/"},"modified":"2023-08-22T17:02:08","modified_gmt":"2023-08-22T21:02:08","slug":"schumer-calls-bidens-debt-relief-plan-a-massive-step-in-the-right-direction","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-calls-bidens-debt-relief-plan-a-massive-step-in-the-right-direction\/","title":{"rendered":"Schumer hails Biden&#8217;s debt relief plan as a &#8216;huge stride forward&#8217;."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/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%2Fschumer-calls-bidens-debt-relief-plan-a-massive-step-in-the-right-direction%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=2008413&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>Senate Majority Leader Chuck Schumer Endorses Biden Administration&#8217;s New Student Loan Repayment\u2064 Plan<\/h2>\n<p>Senate Majority Leader Chuck Schumer (D-NY) enthusiastically endorsed the Biden administration&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/schumer-calls-bidens-debt-relief-plan-a-massive-step-in-the-right-direction\/\" title=\"Schumer hails Biden's debt relief plan as a 'huge stride forward'.\">groundbreaking income-driven student loan repayment plan<\/a> on Tuesday, \u2064praising the president for taking action to alleviate the burden of crushing debt on borrowers.<\/p>\n<blockquote>\n<p>&#8220;This is a giant step forward in decreasing the burden \u2063of crushing debt that \u200brests on \u200cso many borrowers&#8217; shoulders,&#8221; Schumer stated. &#8220;Low-income students, \u200bwhose burdens will be cut in half, and most other students, who will never\u2063 pay more than 5% of their income, will \u2063breathe a sigh of relief across every\u200c corner of America.&#8221;<\/p>\n<\/blockquote>\n<h3>Introducing the Saving on \u2063a Valuable Education (SAVE) Plan<\/h3>\n<p>The \u2062Senate leader&#8217;s endorsement comes in\u200d the wake of the administration&#8217;s launch of a highly anticipated website, which \u2062allows student loan borrowers to apply for the modified\u2063 income-driven \u2064repayment program ahead of repayments restarting this fall.<\/p>\n<p>The Saving on a Valuable Education, or SAVE, plan has revolutionized the existing rules on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-we-really-need-to-do-to-make-college-affordable\/\" title=\"What We Really Need To Do To Make College Affordable\">income-driven repayment<\/a>.\u2064 Now, qualifying borrowers can make smaller monthly payments and become eligible for loan forgiveness at a faster pace. Repayments are set to\u2064 resume\u200c in October, with interest accruing on \u200dstudent loans for the first time \u2062in \u2062over three years starting in September.<\/p>\n<p>Previously, borrowers in an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-to-allow-40k-borrowers-to-have-student-loans-eligible-for-public-service-loan-forgiveness-program\/\" title=\"Biden Admin to Allow 40k Borrowers to Have Student Loans Eligible for Public Service Loan Forgiveness Program\">income-driven repayment plan<\/a> had to make payments equivalent to 10% of their discretionary income above $30,000 and could \u200bpotentially qualify for loan forgiveness after 20 years. However,\u200b the new modifications allow borrowers to \u2064pay only 5% of their discretionary income and potentially qualify for loan forgiveness after just 10 years, depending on their balance.<\/p>\n<h3>Support and Potential Challenges<\/h3>\n<p>Schumer acknowledged\u200c that the administration\u200c may face legal hurdles in the future but expressed confidence in\u200b their careful attention to \u2063legal details.<\/p>\n<blockquote>\n<p>&#8220;While there \u2062will\u2064 be \u2062those that will challenge this in court, the administration has carefully crossed the legal t&#8217;s \u2062and \u200bdotted the legal i&#8217;s,&#8221; Schumer remarked. &#8220;The fight to cancel\u2064 student \u200ddebt is far from over, but this is a massive step in the right direction. \u2063President Biden deserves accolades and support \u2063for this action.&#8221;<\/p>\n<\/blockquote>\n<p>Borrowers\u200c can easily access the quick application\u2063 process, which takes approximately 10 \u200bminutes to complete, by visiting the Federal Student Aid\u2062 website.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">Click here<\/a> to read more from\u200c The Washington\u200c Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tuesday. He praised President Biden for the income-driven student loan repayment plan, calling it a significant move towards alleviating the heavy debt burden faced by many borrowers. Schumer expressed his support and admiration for the president&#8217;s action, stating that Biden deserves recognition and backing for this initiative.<\/p>\n","protected":false},"author":1,"featured_media":2008414,"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":[538],"tags":[],"class_list":["post-2008413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/2008413","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2008413"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2008413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2008414"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2008413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2008413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2008413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}