Search results
Apr 12, 2024 · The Biden administration is canceling even more student debt. On Friday, the White House announced that an additional 277,000 borrowers will see their student loans eliminated, amounting to about...
- Christian Paz
Searches related to what is delinquent debt forgiveness loan program president biden
Feb 21, 2024 · Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment...
May 22, 2024 · The Biden-Harris Administration announced today the approval of $7.7 billion in additional student loan debt relief for 160,500 borrowers. These discharges are for three categories of borrowers: those receiving Public Service Loan Forgiveness (PSLF); those who signed up for President Biden’s Saving on a Valuable Education (SAVE) Plan and who are eligible for its shortened time-to-forgiveness ...
- Overview
- Who qualifies for Biden's latest round of student loan forgiveness?
- Why is it necessary to fix income-driven repayment plans?
- How many people are enrolled in SAVE?
- How to apply for student loan debt relief
Jill on Money: A new student loan forgiveness plan for borrowers 02:30
Student loan relief is coming to another 74,000 Americans, with President Biden on Friday announcing an additional $5 billion in debt forgiveness for borrowers including teachers, nurses and firefighters.
The announcement marks the latest round of debt cancellations since the Supreme Court last summer blocked Mr. Biden's student loan forgiveness program, and brings to $136.6 billion forgiven for more than 3.7 million Americans.
The discharges are the result of fixes made by the administration to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF), with the Department of Education saying that payments are now being accounted for more accurately.
Nearly 44,000 of the borrowers approved for debt relief are teachers, nurses, firefighters, social workers and public servants with at least 10 years of service. The remaining close to 30,000 borrowers have been making payments on their loans at least 20 years, but who did not get relief through income-driven repayment plans.
Broken down, the relief unveiled on Friday includes the following categories:
•$1.7 billion for 29,700 borrowers through administrative adjustments to IDR payment counts that have brought borrowers closer to forgiveness and address "longstanding concerns with the misuse of forbearance by loan services." The latest move brings to $45.7 billion in IDR relief for 930,500 borrowers overall, according to the DOE.
•$3.2 billion for 43,000 borrowers under the Public Service Loan Forgiveness (PSLF) program. Total relief through PSLF now stands at $56.7 billion for 793,400 borrowers since late 2021.
The Higher Education Act and Education Department regulations state that a borrower is eligible for forgiveness after making either 240 or 300 monthly payment in an IDR plan or the standard repayment plan. The different number of months depends on when a borrower first took out the loans, what type of loans they had and the IDR plan in which they were enrolled.
But faulty payment counts meant that some borrowers weren't progressing toward loan forgiveness, the administration noted.
There are about 6.9 million borrowers enrolled in the new IDR plan, and about 3.9 million of those have monthly payments of $0, according to the administration.
Borrowers can find additional resources at studentaid.gov and sign up for the SAVE plan at StudentAid.gov/save.
Aug 24, 2022 · NEW YORK (AP) — President Joe Biden said Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven. That amount increases to $20,000 if they went to college on...
Apr 8, 2024 · The new plan would forgive some or all loan debt for nearly 30 million borrowers under the Higher Education Act, the federal law that regulates student loan and grant programs.
Jan 19, 2024 · President Biden on Friday announced another $5 billion in student loan forgiveness for 74,000 borrowers. It’s the latest batch of student debt cancellations after the Supreme Court struck down...
