Biden administration to forgive $7.7 billion in student debt for more than 160,000 borrowers

[BumRushDaShow]

Source: CNBC

Published Wed, May 22 2024 5:00 AM EDT


The Biden administration said on Wednesday that it would forgive $7.7 billion in student loans for more than 160,000 borrowers, its latest effort to reduce the burden of education debt on households.

The relief is a result of the U.S. Department of Education’s improvements to its income-driven repayment plans and Public Service Loan Forgiveness program. “The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country,” said Education Secretary Miguel Cardona in a statement.

Wednesday’s loan forgiveness includes $5.2 billion for 66,900 borrowers pursuing Public Service Loan Forgiveness, and $1.9 billion for 39,200 people enrolled in income-driven repayment plans.

Another $613 million will go to 54,300 borrowers under the Biden administration’s new income-driven repayment option, known as the Saving on a Valuable Education, or SAVE, plan. That option leads to student loan forgiveness after 10 years for those who originally borrowed $12,000 or less.

Read more: https://www.cnbc.com/2024/05/22/biden-administration-to-forgive-7point7-billion-in-student-debt.html

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Link to White House STATEMENT - Statement from President Joe Biden on $7.7 Billion in Student Debt Cancellation for 160,000 Borrowers

[Lovie777]

1. K & R................................

[Think. Again.]

2. Go Joe!!! 🌊 !!!

[2naSalit]

3. YAY!!

[duckworth969]

4. Good news

[Johnny2X2X]

5. He's almost done too much on student loans

And I owe student loans. Some of the forgiveness from scam universities and for people who truly can;t pay was needed. But outside of those case and a couple others, his new repayment options were already a complete game changer for most borrowers.

[sybylla]

6. As a former student loan haver, I think this is fabulous.

Keep it up. Keeping students permanently indentured is bullshit.

When* Democrats hold majority power in the executive and legislative branches, we need some real reform for our student loan and student aid programs.

[AZ8theist]

7. But who is DEAD SET AGAINST THIS???

Oh yeah, Republicans.

[Yo_Mama_Been_Loggin]

8. Republicans are soiling themselves over this

[maxsolomon]

9. Is it registering with voters?

The piecemeal approach is providing real relief to thousands, but each new program is a blip in the news.

I don't even know if Gen Z & Millennials are even aware of just how much this Administration has done for them.

[BumRushDaShow]

10. I expect, and I don't think we always think of this, that many get info like this from their LOCAL news

regardless of whether the "national" news covers it or ignores it. And unfortunately, with DU members being from all around the country (and world), we end up assuming that what is on "national news" is the only "news" there is.