{"id":2085447,"date":"2023-10-31T15:03:02","date_gmt":"2023-10-31T19:03:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-updates-its-student-debt-forgiveness-plan\/"},"modified":"2023-10-31T15:05:10","modified_gmt":"2023-10-31T19:05:10","slug":"biden-admin-updates-its-student-debt-forgiveness-plan","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-updates-its-student-debt-forgiveness-plan\/","title":{"rendered":"Biden Administration&#8217;s Student Debt Forgiveness Plan Gets an Update."},"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\">18<\/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-updates-its-student-debt-forgiveness-plan%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=2085447&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--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Student debt relief\u2062 activists participate in a rally at the U.S. Supreme Court.(Photo by Kevin Dietsch\/Getty \u2062Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/brooke-mallory\">Brooke Mallory<\/a><br \/>11:52 AM \u2013 Tuesday, October 31, 2023<\/h2>\n<p>Following \u200dthe Supreme Court\u2019s June decision to overturn President Joe\u200c Biden\u2019s expansive debt relief proposal for the pandemic era, \u2064the Biden \u2062administration is now reportedly proposing a new \u200cplan\u200b to \u2064cancel student\u200b loans.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>A proposal for student\u200d debt relief \u200cwas unveiled\u2063 by the Education Department\u2063 on Monday. <\/p>\n<p>It would target four\u200d groups of borrowers:<\/p>\n<ul>\n<li>Those\u200d with\u200d federal \u2062student loans that \u2064have balances greater than the original amount borrowed<\/li>\n<li>Those whose loans\u2064 were repaid more\u200c than 25 years ago<\/li>\n<li>Those whose \u2063loans were for\u2064 career training programs that\u2062 resulted \u200cin &#8220;unreasonable debt loads or provided insufficient earnings&#8221;<\/li>\n<li>Those who are eligible for \u200bforgiveness under\u200b other repayment \u2063plans but have not applied for it<\/li>\n<\/ul>\n<p>A fifth group of borrowers, those &#8220;experiencing financial hardship that the current student \u200dloan system does not currently \u2063adequately address,&#8221; were\u2064 also being considered in the plans.\u2064 However, this group of borrowers\u2063 does not hold a guaranteed spot currently.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;President Biden and I are committed to helping borrowers \u200dwho&#8217;ve been failed \u200bby\u2062 our \u200bcountry&#8217;s broken and\u200d unaffordable student loan system,&#8221; said Education Secretary Miguel Cardona\u200d in a statement, including that the aid would build upon \u200b$127 billion in loan forgiveness that the \u200bBiden administration approved for \u200babout 3.6 million borrowers.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;We \u200bare fighting\u2063 to ensure that student \u2062debt does not stand in\u2064 the way of opportunity or prevent borrowers from realizing the benefits of \u200ctheir higher education,&#8221; he \u2063included.<\/p>\n<\/blockquote>\n<p>This month, the White \u200bHouse declared that an\u2063 extra $9 billion in aid will be provided to around 125,000 Americans. <\/p>\n<p>After \u2062the Supreme Court rejected Biden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-updates-its-student-debt-forgiveness-plan\/\" title=\"Biden Administration's Student Debt Forgiveness Plan Gets an Update.\">expansive \u2064pandemic-era debt relief proposal<\/a> in \u2063June, federal student loan \u2062payments started up again for the\u200b first time \u200bin more than three years.<\/p>\n<p>An estimated 43 million \u2064borrowers\u200c were scheduled \u2062to have their college \u2064debt \u200cforgiven up \u200bto $20,000 under the\u200b president&#8217;s prior plan for student debt relief. Following the Supreme Court&#8217;s invalidation of the original plan, \u2063Biden announced additional choices for debt\u200d repayment.<\/p>\n<p>He claimed that\u200b borrowers\u2064 would \u200bbe able to participate in a \u200b12-month &#8220;onramp repayment program&#8221; \u200din order to reduce\u2062 their chance of default once loan installments started in October. According\u2062 to Biden,\u200b if \u200ca student has \u2064missed payments during that 12-month period, \u2063the Education Department will not report them\u200b to credit bureaus.<\/p>\n<p>Furthermore, the\u200d current president declared \u200bthat \u2062he would reduce \u2063the monthly ceiling on discretionary money allocated to student loans for undergraduate studies from 10%\u2064 to 5%.<\/p>\n<p>In his first proposal, Biden \u2063claimed that he would reduce debt through a 2003 statute \u200bknown\u2064 as \u200cthe Higher\u2062 Education Relief Opportunities for Students Act, or HEROES Act. \u200bAccording to\u200d this\u200b statute, in order to lessen \u2062the financial burden \u2064caused by a national\u2062 emergency, the government\u200b may grant relief for student debts.<\/p>\n<p>Stay informed!\u2062 Receive breaking news blasts directly to your\u200b inbox \u2062for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-4\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-4'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>With the manhunt\u200c over, \u200dmourning\u200b is beginning\u200c to really take hold in Maine after the \u200ctragic mass shooting in Lewiston that left 18-dead\u200c in one of the most tranquil cities \u200bin America.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Trump has\u200b a busy week, as a Colorado case could remove\u2063 him from the ballot\u2062 via the\u2063 14th Amendment, while \u200bJudge Chutkan revives his gag order.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>On this day in 1967 Americans heard the \u200bvoice of Tennessee\u2062 icon Dolly Parton Propelling the country music singer from obscurity \u200dto global \u200bacclaim. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A Federal judge \u2063re-imposes a gag order on 45th President Donald Trump ending a\u200c temporary suspension. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>China&#8217;s most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-seeks-to-block-jetblues-spirit-airlines-deal-at-trial\/\" title=\"US aims to prevent JetBlue's acquisition of Spirit Airlines through legal proceedings.\">popular social media platforms announced<\/a> \u2062that &#8220;self-media&#8221;\u200d accounts with more than 500,000\u200d followers will be\u200d asked to display real-name information<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Intel\u200d rose more than 9% on\u2063 Friday \u2063and sparked a jump in chip \u200dstocks after the personal computer market was rebounding from its quarters-long slump.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Amazon.com rose 7% on Friday as it aims for a larger share of \u200bthe\u200c booming artificial intelligence market in a race with Microsoft.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Malaysia&#8217;s communications regulator will\u200b issue a warning \u2063to social media firms \u200bTikTok and Meta\u2064 for allegedly blocking pro-Palestinian content on their platforms.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How has the Biden administration\u2064 adjusted its approach to student \u2063debt relief following the Supreme Court&#8217;s rejection of its previous proposal<\/h2>\n<p><span>  \u2062The Biden administration is reportedly \u2063proposing\u2063 a new \u200cplan to cancel student loans following the Supreme Court&#8217;s decision to overturn President Joe Biden&#8217;s extensive debt relief \u2064proposal for the pandemic era. The proposal for student debt\u2062 relief was unveiled by the \u2064Education Department \u200don Monday and aims to target four groups of borrowers.<\/p>\n<p>The first group includes those with\u2064 federal student loans that have balances greater than the\u2062 original amount borrowed. The \u2064second group consists of borrowers who have repaid their loans more than 25 years ago. The third group \u200dcomprises borrowers whose loans were for career training programs that resulted \u2062in &#8220;unreasonable debt loads or\u2063 provided insufficient earnings.&#8221;\u200b The fourth group\u2062 includes borrowers\u200c who are eligible for forgiveness under other repayment plans but have not applied for it.<\/p>\n<p>A fifth group of borrowers, those \u200cexperiencing financial hardship that the current student loan system does not adequately \u2062address, is \u200calso being considered in the \u2062plans. \u200cHowever, this group does not currently have a guaranteed spot.<\/p>\n<p>Education Secretary Miguel Cardona stated that President Biden and \u200dhimself are committed to helping\u2063 borrowers who have been \u200cfailed by the country&#8217;s broken \u2062and unaffordable student loan system. He mentioned that the proposed aid would build upon the $127 \u200dbillion \u2062in loan \u200bforgiveness\u2063 that the Biden\u2064 administration had already approved\u200b for about 3.6 million borrowers. Cardona added that they are fighting to ensure\u200c that student debt does not hinder opportunity or prevent borrowers from realizing the benefits of their higher education.<\/p>\n<p>In addition, the \u2064White House announced that an extra $9 billion in aid\u200c will be provided to around 125,000 Americans\u2063 this\u200d month. Since the Supreme Court rejected Biden&#8217;s previous debt relief proposal, federal student\u200d loan payments have resumed for\u2063 the first time in over three years.<\/p>\n<p>Under Biden&#8217;s \u200cprior plan, an estimated 43 million borrowers \u2063were scheduled to have their college debt forgiven up to $20,000. However, following the Supreme\u2063 Court&#8217;s invalidation of the original plan, Biden introduced additional\u200c choices for debt repayment. He \u2063announced a 12-month &#8220;onramp repayment \u2064program&#8221; to help\u2062 borrowers reduce their chance \u200dof default \u2064once loan installments started in\u2064 October. \u200dDuring this period, missed \u200cpayments \u200bwould not be reported to credit bureaus by the Education \u200cDepartment.<\/p>\n<p>Furthermore, \u2063Biden reduced the monthly ceiling \u200con discretionary money allocated\u200d to student loans for\u200c undergraduate studies from 10% to 5%.<\/p>\n<p>Biden initially aimed to reduce student debt through the\u200c Higher Education \u200dRelief\u200c Opportunities for Students Act, also known as the HEROES Act. This statute allows the\u2062 government to grant relief for student debts in \u200cresponse to a national emergency.<\/p>\n<p>It is important to \u2063stay informed\u200b about these developments in \u2062student debt relief. You can <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/transgender-former-democrat-lawmaker-charged-with-sexual-exploitation-of-children\/\" title=\"Transgender Ex-Democrat Lawmaker Accused of Child Sexual Exploitation\">receive breaking \u2064news blasts directly<\/a> \u2064to your inbox for\u2062 free \u2063by subscribing at https:\/\/www.oann.com\/alerts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Student debt relief activists rally at the U.S. Supreme Court. After the Court&#8217;s June decision to reject President Biden&#8217;s debt relief proposal, the administration is now suggesting a fresh plan. (Photo: Kevin Dietsch\/Getty Images)<\/p>\n","protected":false},"author":1866,"featured_media":2085449,"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":[542],"tags":[],"class_list":["post-2085447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/2085447","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\/1866"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2085447"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2085447\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2085449"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2085447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2085447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2085447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}