Posted on 07/18/2024 4:41:08 AM PDT by Oldeconomybuyer
The Biden administration on Thursday said it is forgiving $1.2 billion in student debt for 35,000 borrowers who work in public service, ranging from teachers to firefighters. The announcement marks the latest round in government loan relief after the Supreme Court last year blocked President Joe Biden's plan for broad-based college loan forgiveness.
With the latest student loan forgiveness, the Biden administration said it has waived $168.5 billion in debt for roughly 4.8 million Americans, according to a statement from the Department of Education. That represents about 1 in 10 student loan borrowers, it added.
The people who qualify for forgiveness in the latest round of debt cancellation are part of the Public Service Loan Forgiveness (PSLF) program, which is designed to help public servants such as teachers, nurses and law enforcement officers get their debt canceled after 10 years of repayments. While PSLF has been around since 2007, until recently very few borrowers were able to get debt relief due to its notoriously complex regulations and often misleading guidance from loan companies.
But the Biden administration has overhauled the program's rules, enabling more public servants to qualify for forgiveness.
Some parts of the Biden administration's plans to provide more relief were thrown into turmoil last month when two courts issued temporary injunctions against the Biden administration's flagship student loan repayment plan, called the Saving on a Valuable Education, or SAVE, plan, which currently has about 8 million enrollees.
Despite the injunctions, student borrowers can still continue to enroll in the program, according to the Education Department.
(Excerpt) Read more at cbsnews.com ...
Excuse me: I paid off $24,000 in loans to get both my daughters through college. When do I get my check?
I keep getting e-mails from a group in Albuquerque NM wanting to help me get out of my student loan. I have NEVER had a student loan and graduated High School in 1964.
Lots of scammers out there so be careful!
How stupid we were to scrimp and save to responsibly pay our tuition and our kids’ each semester and in full.
Do I get $43,000 for paying my way through college?
More inflation fuel tax spend and waste program on schedule.
BTT
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