Cancellation of billions of loans is announced in regard to the Bident student loan debt relief.
Biden Student Loan Debt Relief
A news about the Biden student loan debt relief has been announced that cancellation of nearly $5 billion in student loan debt is planned. The Biden student loan debt relief will benefit borrowers under the income-driven repayment forgiveness and Public Service Loan Forgiveness programs.
Around 80,300 borrowers will be helped by these cancellations made by Biden student loan debt relief, bringing the total amount of student debt relief provided by the Biden administration to $132 billion for over 3.6 million borrowers. The funds for the Biden student loan debt relief program were directed toward two groups of borrowers.
This relief from the Biden student loan debt relief comes after the Supreme Court halted President Biden’s student loan forgiveness program and the introduction of the SAVE debt forgiveness plan by the White House. Borrowers affected by these cancellations through Biden student loan debt relief were notified via email by President in November.
According to a published article by the Washington Examiner, President Biden has pledged to continue fighting for American families and ensuring that democracy delivers for its people.
Fixing The Student Loan System
In a published article by Business Insider, the Education Secretary says that these efforts reflect the administration’s commitment to fixing the student loan system. The relief will be reflected in the borrowers’ accounts in the next few weeks.