Millions of student-loan borrowers will experience 'devastating' delays in debt relief if a GOP proposal to cut spending goes through, Biden's Education Secretary says
that Republican proposals to cut spending on federal programs would"cause irreparable damage to our communities by gutting the programs every single American relies on. Those proposals are unrealistic, unsustainable, and unconscionable."
Cardona said the impacts of the decreased spending would be significant when it comes to administering financial aid. A 22% spending reduction would cut $468 million to service financial aid, and if funding were kept at the 2022 level,"more than 40 million student loan borrowers would be impacted through decreased service hours and longer turnaround times to make changes to student loan repayment plans, or obtain a deferment, forbearance, or discharge of student loans.
Still, Democrats are waiting for a concrete plan from the opposing party on what type of spending cuts they want to see in a potential deal to raise the debt ceiling and keep the US on top of paying its bills, so it's unclear how exactly the Education Department will be impacted by any forthcoming cuts.
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