President Biden’s Education Department said yes to erasing $7.7 billion in student debt loans for over 160,500 people. They did this to help borrowers who work for the government or nonprofits, and those on special payment plans.
President Biden’s Education Department is Forgiving $7.7 Billion in Student Debt
According to a published article in Business Insider, President Biden’s Education Department said it’s canceling $7.7 billion in student debt for about 160,500 people. This helps those in jobs like government or nonprofits, and those on income-driven repayment plans. Over 66,900 people got help through the Public Service Loan Forgiveness program, and others got relief through other plans.
The Education Department created a new plan called SAVE, helping borrowers with smaller student debt loans and ten years of payments. This helps people who took out $12,000 or less in student debts. The department hopes this relief will ease the burden for many families. Around 10% of federal borrowers have now gotten help with their debt, showing progress in addressing the student debt loan crisis.
READ ALSO: 20% Of Americans Still Struggling To Make Ends Meet: What’s The Reality Behind Fourth Stimulus Check Rumors?
$7.7 Billion in Student Debt Cancellation: 160,500 Borrowers Benefit from Education Department’s Latest Relief Effort (PHOTO: Yahoo News)
Education Department Extends Student Debt Loan Consolidation Deadline
Furthermore, the Education Department extended the deadline for student debt loan consolidation, giving borrowers more time. They’re also working on a bigger plan for student debt loan forgiveness, even though the Supreme Court rejected their first attempt. President Biden promises to keep fighting for students, despite opposition from some politicians.
READ ALSO: 5.5 Billion Reasons To Worry: Senate Votes On Gas Furnace Standards – Paving Way For Fossil Fuel Resistance!
