Earlier this week, Biden announced a new group of student debt relief proposals that could possibly go into effect this fall.In total, the Biden administration has authorized the cancellation of $153 billion in student loan debt for nearly 4.3 million people.Under President Joe Biden , the Department of Education has made it easier for some specific groups of borrowers, like public sector workers, to qualify for loan forgiveness .
Biden's student loan forgiveness efforts have been sharply criticized by many Republicans, who argue the president is transferring the cost to taxpayers who chose not to go to college or who already paid for it themselves. They also say he is circumventing the Supreme Court, which knocked down Biden's signature student loan forgiveness program last year.
Before SAVE, the federal government already offered several income-driven repayment plans, which tie monthly payments to a borrower's income and family size. But under Biden's new version some borrowers will see their monthly payments cut in half when the plan is fully phased in this July.
Source: Education Headlines (educationheadlines.net)
Biden Student Debt Relief Proposals Fall Cancellation Loan Forgiveness Department Of Education Repayment Plan Low-Income Borrowers
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