President Biden forgives more student loan debt, bringing total to $183 billion

[Craig Nigrelli]

MORE RELIEF IS ON THE WAY FOR SOME BORROWERS WITH LARGE AMOUNTS OF STUDENT LOAN DEBT. PRESIDENT BIDEN ANNOUNCED THIS WEEK THAT HIS ADMINISTRATION IS FORGIVING SUCH DEBT FOR ANOTHER 150,000 PEOPLE.
THE WHITE HOUSE SAYS DEBT FORGIVENESS WILL GO TO 85,000 PEOPLE WHO ATTENDED SCHOOLS THAT QUOTE “CHEATED AND DEFRAUDED THEIR STUDENTS”, 61,000 OTHERS WHO HAVE A PERMANENT DISABILITY AND ABOUT 6,000 PEOPLE WHO ARE NOW PUBLIC SERVICE EMPLOYEES.
PUBLIC EMPLOYEES WILL SEE $465 MILLION IN DEBT ERASED, WHILE PEOPLE WITH TOTAL AND PERMANENT DISABILITIES WILL HAVE $2.5 BILLION FORGIVEN. STUDENTS WITH DEBT FROM SCHOOLS FOUND TO HAVE ACTED FRAUDULENTLY WILL SEE $1,25 BILLION IN DEBT REMOVED.
THE LATEST MOVE BRINGS TO $183 BILLION IN DEBT RELIEF TO ROUGHLY FIVE MILLION FEDERAL STUDENT LOAN BORROWERS DURING BIDEN’S TIME IN OFFICE. THE WHITE HOUSE PRESS SECRETARY CALLED IT LIFE-CHANGING RELIEF FOR FAMILIES.
KARINE JEAN-PIERRE/ WHITE HOUSE PRESS SECRETARY:” This announcement builds on the historic action our administration has taken to reduce the burden of student debt that holds bad actors accountable and fight on behalf of students across the country. “
IN 2023, THE U-S SUPREME COURT BLOCKED THE PRESIDENT’S BROADER PLAN TO DELIVER WIDE-SCALE STUDENT LOAN FORGIVENESS TO TENS OF MILLIONS OF BORROWERS.
SO INSTEAD, THE ADMINISTRATION HAS GONE THROUGH THE DEPARTMENT OF EDUCATION IN MAXIMIZING EXISTING DEBT RELIEF PROGRAMS. IT ALSO BELIEVES THERE WILL LIKELY BE A SLOWDOWN IN FEDERAL EFFORTS WHEN IT COMES TO STUDENT LOANS, WHEN DONALD TRUMP IS INAURGURATED MONDAY AND A NEW ADMINISTRATION TAKES OVER.
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