Biden Unveils New Student Debt Forgiveness Plans

on Monday unveiled new student debt forgiveness plans that, combined with actions the administration has already taken, will benefit over 30 million Americans if the plans are finalized, according to the White House.

"And it's not it's not just a drag on them," he continued. "It's a drag on our local economies when you can't afford to buy a home, start that small business, chase that career that you've been dreaming about for a long time."This marks President Biden's second wave of debt relief attempts, and it was a key campaign pledge in 2020. Though it maintains its ability to strike debt for tens of millions of Americans, the administration suffered a 6-3 U.S.

"But then some of my Republican friends and elected officials and special interest sued us, and the Supreme Court blocked us," Biden said on Monday. "But that didn't stop us ... We continue to find alternative paths to reduce student debt payment that are not challengeable.

Under the latest plans, senior administration officials said about 25 million borrowers will receive relief for their accrued interest , about another two million from forgiveness plans like PSLF, SAVE and others, another roughly two million with loans that are 20+ years old, and more than 10 million borrowers with at least $5,000 in debt relief or more.

"Student loan forgiveness isn't only about the relief for today's borrowers. It's about social mobility, economic prosperity, and creating an America that lives up to its highest ideals," Sec. Cardona said. Monday's plans, however, can't officially take place until "early this fall," according to senior administration officials. The actions will go out for public comment "in the coming months," the officials said.

Source: Education Headlines (educationheadlines.net)

Biden Student Debt Forgiveness Relief Campaign Pledge Americans

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden Unveils New Student Loan Forgiveness PlanSee multiple perspectives from Fox Business, Wall Street Journal (News), and NPR (Online News) at AllSides.com.
Source: AllSidesNow - 🏆 572. / 51 Read more »

Biden to unveil his new plan for student loan relief for new borrowersPresident Biden will detail the plan Monday in Madison, Wisconsin, where the flagship campus of the University of Wisconsin is located.
Source: 10News - 🏆 732. / 50 Read more »

Biden will unveil his new plan to give student loan relief to many new borrowersPresident Joe Biden will announce his latest effort to broaden student loan relief next week for new categories of borrowers.
Source: KUTV2News - 🏆 281. / 63 Read more »

Biden unveils revamped student-debt plan to reel in young votersMADISON, Wis. -- President Biden on Monday said 30 million former students will see relief under a new plan that relieves high student debt from interest and for-profit colleges, his latest attempt to wipe away college loans and woo young voters who might ditch him over his advanced age and the war in Gaza.
Source: WashTimes - 🏆 235. / 63 Read more »

Biden Administration Unveils New Regulations for Freight Rail SafetyOne year after the East Palestine, Ohio train derailment created an environmental disaster, the Biden administration unveiled new regulations intended to shore up freight rail safety. The new rule requiring two person crews on large trains closes a loophole that allowed railroads to keep operating one-person crews. But the rule stops short of the kind of rail safety innovations that the Biden administration and members of Congress had originally envisioned in response to East Palestine. Making any major updates to rail safety will require congressional funding that the freight industry opposes.
Source: nbcchicago - 🏆 545. / 51 Read more »

Biden to announce new plans to provide student debt relief for millionsTara Prindiville is a White House producer for NBC News.
Source: NBCNews - 🏆 10. / 86 Read more »