As only three weeks are left in November’s elections, Biden wants to remind people that they should remember how he has delivered a historic statement for student loan debt relief. Even after the several efforts of Republicans against them in courts and balked at the costs. However, Biden says, people cannot forget what we have done despite being trapped and falsely claimed by Republicans. If they did, what they said, or not, you will know further. Everything was out of the mouth but nothing was proceeded. See how
On Thursday, another round of forgiveness was announced, where he canceled the total number of student loan debt to more than $175 billion for 5 million people since President Joe Biden took office. This is almost equal to roughly 11% of all the outstanding federal student loan debt.
There was a program named Public Service Loan Forgiveness that promised loan forgiveness to even public sectors like teachers and students, as well as nurses. When they completed 10 years of qualifying payments. In this program, almost 1 million of these students got relief from loans.
The PSLF program has been in existence for over 15 years but has faced significant administrative challenges. “For too long, the government failed to fulfill its commitments, resulting in only 7,000 individuals receiving forgiveness under the Public Service Loan Forgiveness program before Vice President Harris and I took office,” Biden stated. “We promised to change that.”
Biden’s Department of Education has streamlined the qualification process for borrowers seeking PSLF, marking a significant shift from former President Donald Trump, who frequently suggested eliminating the program during his presidency.
Thursday’s announcement benefits around 60,000 borrowers, who are now eligible for approximately $4.5 billion in student debt relief through PSLF.
In light of recent legal setbacks, Harris has pledged to continue advocating for additional student loan relief. The Supreme Court overturned Biden’s signature one-time student loan forgiveness initiative last year. This program would have canceled up to $20,000 in student debt for many low- and middle-income borrowers. In 2022, 16 million borrowers received an email from the Biden administration indicating their eligibility for debt relief, but the promised forgiveness was never executed. This debt relief program was estimated to cost over $400 billion.
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