Connect with us

Hi, what are you looking for?


Federal Student Loans Up To $39 Billion To Be Canceled Under The Biden Administration

Federal Student Loans Up To $39 Billion To Be Canceled Under The Biden Administration (Photo: USA Today)

Federal student loans of up to $39 billion are to be canceled under Biden’s new student loan forgiveness plan.

President Biden with Education Secretary Miguel Cardona (Photo: Yahoo News)

Federal Student Loans To Be Canceled Under The Biden Administration

More than 800,000 borrowers will have their federal student loans canceled by President Biden‘s Department of Education within the next month. The said federal student loans are $39 billion in total. In a statement by Education Secretary Miguel Cardona, the cancellation of federal student loans is a “historic step,” but Republicans were furious.

Republicans heavily criticized the Biden administration for immediately coming up with another student loan forgiveness plan shortly after the Supreme Court struck down Biden’s initial forgiveness plan to erase student debt.

Rep. Virginia Foxx, chair of the House Education and Labor Committee, called the Biden administration’s plainly political work around the Supreme Court’s decision of shutting down the previous forgiveness plan “shameful.” In order to get attention, the Biden administration “tramples the rule of law, harms borrowers, and abuses taxpayers.”

READ ALSO: Obama-Era DACA Program Could Lose Its Recipients Soon

Federal Debt Under The Biden Administration

More than 3.4 million students’ federal debt totaling more than $116.6 billion had their federal student loans canceled by the Education Department since Biden assumed office. Depending on when they took out the loan and their payment arrangement, borrowers who have been repaying their debt for 20 or 25 years are eligible for the new student loan forgiveness plan.

On June 30, Biden proposed payment deferrals for additional student borrowers based on income and requested Cardona to cancel other federal student loans under the Higher Education Act of 1965.

READ ALSO: A $90 Million Funding Will Be Used For Green Building Codes Under The Biden Administration

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


A convicted felon in California was arrested after he tortured and hostage two women and staged it as burglary. Convicted Felon Tortured and Kidnapped...


The application for the program, Rise Up Cambridge, in Massachusetts will begin on June 1 and will end on July 31 and qualified residents...


Police authorities arrested a man in Oklahoma after he was accused of raping and killing his 18-year-old graduate who was about to graduate from...

Us News

News from Springfield, Illinois is that a bill that would require public restrooms in Illinois to be available to both genders is coming under...