{"id":2009286,"date":"2023-08-23T12:41:02","date_gmt":"2023-08-23T16:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-rolls-out-new-student-loan-repayment-plan-after-supreme-court-struck-down-first-one\/"},"modified":"2023-08-23T12:43:28","modified_gmt":"2023-08-23T16:43:28","slug":"biden-rolls-out-new-student-loan-repayment-plan-after-supreme-court-struck-down-first-one","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-rolls-out-new-student-loan-repayment-plan-after-supreme-court-struck-down-first-one\/","title":{"rendered":"Biden unveils fresh student loan repayment plan post Supreme Court&#8217;s rejection of initial one."},"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\">28<\/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-rolls-out-new-student-loan-repayment-plan-after-supreme-court-struck-down-first-one%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=2009286&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--><div>\n<h2>The Biden Administration Overhauls Student Loan Repayment Plans<\/h2>\n<p>The \u2062Biden\u2062 administration on Tuesday announced significant changes \u2062to student loan repayment\u2063 plans, aiming to make payments\u200c more affordable and reduce the amount \u200dowed each month while \u200dcurbing unpaid interest.<\/p>\n<p>According to the White House \u2063and the Department \u200dof Education, these\u200d changes will save the typical borrower $1,000 a year and $2,000 \u2064a year for graduates\u2064 of \u2063four-year U.S. public colleges or\u2063 universities. They also stated\u2062 that tens of\u2064 millions \u2063of \u200bAmericans are eligible to\u200d enroll in the new \u2064plan.<\/p>\n<p>President\u200d Joe\u2062 Biden is actively \u2062pursuing various approaches to \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aoc-rages-at-biden-its-time-to-take-off-the-gloves-and-govern\/\" title=\"AOC Rages At Biden: \u2018It\u2019s Time To Take Off The Gloves And Govern\u2019\">provide student debt relief<\/a>,\u200d despite\u2064 certain pieces\u200c of his plan\u200d being blocked by U.S. courts.<\/p>\n<p>In June, the U.S. Supreme Court blocked a rule that\u200b would have \u2062canceled $430 billion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/whoopi-declares-2024-gop-hopeful-wannabe-dictator-this-time-its-not-trump\/\" title=\"Whoopi labels 2024 GOP aspirant 'dictator' - Not Trump again.\">student\u200d loan debt<\/a> for 43 million \u2063borrowers.\u2063 Additionally, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-rolls-out-new-student-loan-repayment-plan-after-supreme-court-struck-down-first-one\/\" title=\"Biden unveils fresh student loan repayment plan post Supreme Court's rejection of initial one.\">federal appeals court recently \u200bhalted<\/a> a rule \u200dthat would have made it easier for students defrauded by for-profit colleges to have\u200d their loans\u200d forgiven.<\/p>\n<p>Student loan payments were\u200b paused during the\u2063 COVID-19 pandemic but have since resumed. Biden, who is seeking re-election\u2062 in 2024, has made strengthening the nation&#8217;s economy a \u2062top\u200c priority.<\/p>\n<h3>The Saving on A\u200b Valuable Education (SAVE) Plan<\/h3>\n<p>Under the newly announced Saving on A Valuable Education (SAVE) <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-student-loan-forgiveness-education-department-reveals-which-states-have-the-most-borrowers\/\" title=\"Education Department reveals states with highest number of student loan borrowers for Biden's loan forgiveness plan.\">income-driven repayment\u200c plan<\/a>, qualified borrowers will \u200bsee a reduction in their\u2062 monthly\u2062 payments from 10 \u200bpercent to 5 percent of\u200b discretionary income for undergraduate loans. Additionally, approximately 1 million more low-income borrowers will qualify for no \u2062monthly payments\u2064 at all.<\/p>\n<p>The plan ensures that \u200cloan\u2063 balances will not grow due to unpaid\u200c interest as long \u2062as\u200b borrowers \u2063make the required \u200dmonthly payments. \u200cFurthermore, \u2062borrowers\u200c who qualify may have their \u200cloans forgiven \u200din as\u2064 little as 10 years, compared\u2062 to the\u200c previous 20 or 25 years under income-driven plans.<\/p>\n<p>&#8220;We are \u200ccontinuing to pursue\u2063 an\u200c alternative path to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-judge-dismisses-lawsuit-challenging-bidens-student-loan-forgiveness-plan\/\" title=\"Judge dismisses lawsuit against Biden's student loan forgiveness plan.\">deliver student debt relief<\/a> to as many Americans as \u200bpossible \u2062as quickly \u2064as possible,&#8221; stated the White House.<\/p>\n<p>The Education Department emphasized that the plan will be critical for \u200blow-\u200b and middle-income \u200bborrowers, community college\u200b students,\u200d and those \u200bworking \u2064in \u200bpublic\u200d service. The White House added that, on average, the \u200dplan will cut total lifetime \u2062payments in half for black, Hispanic, \u2062American\u200d Indian, \u200band \u200dAlaska Native borrowers.<\/p>\n<p>Recent data shows\u2064 that \u200dstudent loan balances declined \u2062by $35 billion to \u200b$1.57 trillion \u200din \u200dthe second quarter.<\/p>\n<p>(Reporting by Susan Heavey;\u2063 editing by Jonathan Oatis and Heather Timmons)<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Biden&#8217;s administration plans to revamp student loan repayment, aiming to lower monthly payments and minimize unpaid interest. These adjustments would save the average borrower $1,000 annually and a typical four-year U.S. public college graduate $2,000 per year on their loans.<\/p>\n","protected":false},"author":66,"featured_media":2009287,"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":[544],"tags":[],"class_list":["post-2009286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"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\/2009286","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2009286"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2009286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2009287"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2009286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2009286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2009286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}