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Today, the Department of Education announced that 800,000 borrowers will have $39 billion in federal student loans discharged as ... these wrongs and announcing $39 billion in debt relief for ...
The Biden administration announced on Friday, July 14 it would cancel $39 billion of debt for 804,000 student loan borrowers. This follows the June 30 Supreme Court 6-3 decision, which struck down ...
Two conservative groups are asking a federal court to block the Biden administration's plan to cancel $39 billion in student loans for more than 800,000 borrowers. In a lawsuit filed Friday in ...
Biden has since implemented a more modest income-driven $39 billion debt relief plan impacting 800,000 borrowers who had paid their loans over 20 years, [81] and waived some rules regarding the Public Service Loan Forgiveness program that resulted in an additional 662,000 people having some debt canceled.
In March 2024, the Biden administration announced that it would forgive $5.8 billion in student loan debt to 78,000 borrowers under the PSLF program, [136] and then an additional $7.4 billion in student loan debt for 277,000 borrowers from additional changes to the PSLF program the next month, which brought the total dollar amount of student ...
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education . [ 50 ] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [ 51 ]
President Joe Biden’s sweeping student loan forgiveness plan may have been struck down by the Supreme Court, but his administration has gone forward with a separate plan to write off $39 billion ...
The Higher Education Act has been proposed as a potential way to cancel student loan debt. According to a paper by the Legal Services Center at Harvard Law School and commissioned by Senator Elizabeth Warren in September 2020, the Secretary of Education may be able to cancel student loan debt. [54] Following Biden v.