Biden Administration Announces $74 Billion in Student Loan Forgiveness
Latest Round of Forgiveness Benefits 277,000 Borrowers
Administration Continues to Provide Relief After Supreme Court Ruling
The Biden administration has announced that it is using existing student loan forgiveness programs to cancel another round of student debt totaling $74 billion for 277,000 borrowers. This latest action brings the total amount of student debt forgiven under the Biden administration to over $240 billion.
The new plans are the administration's latest efforts to provide relief to borrowers of federal student loans after the Supreme Court struck down Biden's original plan to cancel up to $20,000 in student debt for most borrowers. The Supreme Court ruled that Biden did not have the authority to cancel student debt without congressional approval.
The Biden administration has said that it is committed to providing relief to student loan borrowers and will continue to explore ways to do so. The administration has also called on Congress to pass legislation that would allow the president to cancel student debt.
The latest round of student loan forgiveness will be automatic for most borrowers. Borrowers who are eligible for the forgiveness will receive a notice from their loan servicer. Borrowers who have questions about the forgiveness can contact their loan servicer or visit the Federal Student Aid website.
Pinterest
Pinterest
Comments