According to the White House, U.S. President Joe Biden is to declare on Wednesday that his government has authorized an additional $9 billion in student debt relief for 125,000 borrowers.
After the Supreme Court rejected his proposal to erase hundreds of billions of dollars in debt, Biden stated he would explore additional approaches to relieve Americans of their student loan burden.
According to the White House, the president’s announcement, scheduled at 1 p.m. EDT, will raise the Biden administration’s total authorized debt cancellation for almost 3.6 million Americans to $127 billion.
The new steps, per a White House information sheet, comprise:
- An additional $ 5.2 billion in debt forgiveness for 53,000 borrowers via the Public Service Loan Forgiveness program.
- approximately 51,000 borrowers will get fresh debt relief of approximately $2.8 billion as a result of improvements to “income-driven repayment,”
- According to the White House, this refers to borrowers who have made payments for at least 20 years “but never got the relief they were entitled to.”
- And $1.2 billion for around 22,000 disabled debtors who were found and given the go-ahead for discharge thanks to a data match with the Social Security Administration.
Comment Template