President Biden is tackling student loan debt again, this time on a much smaller scale. What do you think of this?
From CBS News. The Biden administration said it is forgiving $9 billion in student debt for 125,000 borrowers. …
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The debt cancellation is the latest push from the White House to erase some student loans in the wake of the Supreme Court’s June ruling. …
With that debt forgiveness plan struck down, the Biden administration has focused on other methods for relieving student debt, including creating a new income-driven debt repayment (IDR) plan as well as outright forgiveness for some qualified borrowers. Meanwhile, with millions of student borrowers resuming payments this month, there are reports of problems with loan servicers, ranging from long wait times for callers to customer service reps who can’t answer questions.
Who is getting their student debt forgiven?
The Biden administration said it is forgiving debt for three types of borrowers:
- Public servants: About 53,000 borrowers who are enrolled in Public Service Loan Forgiveness programs will get $5.2 billion in forgiveness, according to the Education Department. …
- People in IDRs: About 51,000 borrowers enrolled in IDRS and who have $2.8 billion in debt will get relief. … the Education Department said it is reviewing the plans and discharging debt for some borrowers who have been in repayment for more than 20 years but “never got the relief they were entitled to.”
- Disabled borrowers. Another 22,000 borrowers with $1.2 billion in debt who have a total or permanent disability will get their debt discharged. …
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(Excerpt from CBS News. Photo Credit: Kevin Dietsch/Getty Images)