Biden cancels another $9 billion in student loan debt days after payments restart

[BumRushDaShow]

Source: CNN Politics

Published 5:00 AM EDT, Wed October 4, 2023


Washington CNN — The Biden administration has approved debt relief for an additional 125,000 student loan borrowers, totaling $9 billion in forgiveness, the White House said Wednesday. The announcement comes just days after federal student loan payments restarted after a three-plus year pause.

Though the Supreme Court struck down President Joe Biden’s hallmark student loan forgiveness program, which promised up to $20,000 in debt relief for low- and middle-income borrowers, the administration has continued to find other ways to provide debt relief.

The cancellations announced Wednesday come through three different existing debt relief programs that have been plagued with problems in the past. The White House is conducting what it calls “fixes” to a “broken student loan system.”

An additional 53,000 borrowers will receive debt cancellation under the Public Service Loan Forgiveness program, which wipes away remaining student loan debt after qualifying public sector workers make 10 years’ worth of monthly payments.

Read more: https://www.cnn.com/2023/10/04/politics/biden-student-loan-debt-forgiveness/index.html

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Dept. of Education statement -

Biden-Harris Administration Announces an Additional $9 Billion in Student Debt Relief

New state-by-state data shows relief for income-driven repayment and Public Service Loan Forgiveness

October 4, 2023

Contact: Press Office, [phone], [e-mail]

The Biden-Harris administration announced today that an additional 125,000 Americans have been approved for $9 billion in debt relief through fixes the U.S. Department of Education has made to income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), and granting automatic relief for borrowers with total and permanent disabilities. Today's announcement brings the total approved debt cancellation by the Biden-Harris Administration to $127 billion for nearly 3.6 million Americans.

The Biden-Harris Administration is announcing it has approved:

$5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs.

Nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to income-driven repayment plans. These are borrowers who have been in repayment for 20 or more years but never got the relief they were entitled to

$1.2 billion for nearly 22,000 borrowers who have a total or permanent disability and have been identified and approved for discharge through a data match with the Social Security Administration.

"For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that's all changed thanks to President Biden and this Administration's relentless efforts to fix the broken student loan system," said U.S. Secretary of Education Miguel Cardona. "The Biden-Harris administration's laser-like focus on reducing red tape, addressing past administrative failures, and putting borrowers first have now resulted in a historic $127 billion in debt relief approved for nearly 3.6 million borrowers. Today's announcement builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families."

(snip)

https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-9-billion-student-debt-relief

[Think. Again.]

1. Thank You President Biden....

...despite the right-wing efforts for the continued fleecing of student borrowers, the Biden administration is doing everything they legally can to assure that the U.S. has an educated population and that young Americans are NOT discouraged from getting an education that every person deserves.

Just by closely analyzing existing student loan program administration, Biden is still finding and fixing mistakes and overcharges for people who are being wrongly ripped off by the current student loan system.

There's a lot more still to be done to bring the U.S. up to global education standards, but until we have a stronger American political landscape, President Biden is doing great work responding to the desperate cries for help from those who understand the importance of education, young and old alike.

Kudos to the young activists calling out for help, and Kudos to the Biden Administration for heeding those calls!

This is how Democracy works!

[underpants]

2. A lot of people are going to get that surprise email

Like I did back in August.

[Think. Again.]

3. .

[2naSalit]

4. K&R

[littlemissmartypants]

5. So happy for these folks!

Thank you, President Biden!

❤️

[Recursion]

6. God I love this guy

Best damn President of my lifetime, and I was a huge Obama Stan who thought Joe would be at best an addendum.

I was wrong.

[Magoo48]

7. Thank you, Mr. President.

[Hekate]

8. Joe Biden is incredibly good at politics and government. I am in awe of his knowledge & skill.

[Marthe48]

9. Really glad we have President Biden

Looking out and acting for the people. As the rwnj maliciously evict their coworkers from their hideaway offices.

What President Biden does and what the shits can't be compared. Biden is a beacon from Mt. Everest. the rwnj are scum at the bottom of the Mariana Trench.

[qwlauren35]

10. The numbers hurt my soul

125,000 people.

$9,000,000,000.

On average, each person owed $72,000.

That's just WRONG.

[Hermit-The-Prog]

11. Biden-Harris bring relief to Americans. Misery for MAGAts is a side effect.