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Biden Administration Announces $39 Billion Student Debt Relief for 804,000 Borrowers

(The Hill) — The Biden administration announced a total of $39 billion in student loan relief for 804,000 borrowers. This is the latest step since President Joe Biden’s student loan forgiveness plan was overruled by the Supreme Court.

The education ministry said Friday that the relief will be offered for income-based repayment plans. Under this plan, the federal government will cancel the remaining balance after the borrower has paid it off for 20 or 25 years.

The ministry said the “fix” will allow it to more accurately count eligible monthly payments under the plan and will notify eligible borrowers in the coming days.

supreme court knocked down Biden had planned last month to give low- and middle-income borrowers $10,000 in student debt relief and Pell grantees up to $20,000 in a 6-3 decision. A majority found that Congress did not directly authorize the president to forgive debts worth hundreds of billions of dollars.

Biden announced Following the decision that the administration will continue to work on student debt relief despite the court’s ruling. He said the debt relief plan would be based on a separate law, the Higher Education Act, which supporters say allows the secretary of education to “compromise, forgive and forgive” student loan debt. .

The administration would have to go through a public comment period before the plan could go into effect, delaying its implementation.

The Hill has reached out to the White House for comment on Friday’s announcement.

“For too long, borrowers have been caught in the cracks of a broken system that has failed to accurately track their progress toward forgiveness,” Education Secretary Miguel Cardona said in a statement.

This relief is being provided as part of adjustments made earlier by the government. announced In April 2022.

Mr Cardona said the plan would ensure that everyone gets the pardon they deserve for dealing with “past administrative failures”.

https://www.mystateline.com/news/biden-administration-announces-39-billion-in-student-debt-relief-for-804000-borrowers/ Biden Administration Announces $39 Billion Student Debt Relief for 804,000 Borrowers

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