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A Presidential Election is Coming - Biden Admin Announces Another $9B Student Debt Giveaway
[NewsMax] Four days into the payment resumption for federal student loan borrowers, President Joe Biden on Wednesday announced another $9 billion in debt forgiveness. Now, an additional 125,000 borrowers will see their debt erased through existing programs.Most of the debt discharge is part of the Biden administration’s efforts to remediate the dysfunctions in student loan forgiveness through the Public Service Loan Forgiveness program and income-driven repayment (IDR) plans. The relief also includes debt cancellation for borrowers with total and permanent disabilities. The existing programs previously didn't count payments that should have otherwise qualified toward the totals needed for forgiveness. Fixes include an adjustment that counts every month borrowers ever spent in student loan repayment or on pause toward forgiveness under income-driven repayment — even if borrowers never enrolled in an IDR plan. It takes 20 or 25 years under IDR for borrowers to get their remaining debt canceled. The adjustment also increases the number of payments counted toward Public Service Loan Forgiveness, which happens after 10 years worth of payments. The first major wave of relief under this automatic account adjustment began in August with debt cancellation totaling $39 billion for 804,000 borrowers. Related: Debt forgiveness: 2023-09-24 Borrowers weigh payment boycott as student loan payments set to resume Debt forgiveness: 2023-06-30 BREAKING: Supreme Court Kills Joe Biden's Student Loan Forgiveness Debt forgiveness: 2023-05-10 PM Barre fires at Deni, accuses him of derailing debt relief process Posted by: Besoeker 2023-10-06 |
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