Biden Administration Discharges Nearly $4.23 Billion in Student Loans | Global News Avenue

The Department of Education on Monday rolled out nearly $4.23 billion in additional student loan relief as President Joe Biden’s administration draws to a close.

The Department of Education announced that more than 150,000 borrowers were approved for student loan forgiveness through various programs. This includes borrowers who are totally and permanently disabled, Public Service Loan Forgiveness (PSLF) The department said the scheme and those who were “defrauded and deceived by the school”.

This is the 28th student loan relief action of the Biden-Harris administration, with a total of $183.6 billion in loan relief or forgiveness for more than 5 million borrowers.

“When we joined the Department of Education four years ago, it didn’t take long to discover that our student loan system was broken. One of the biggest issues was the state of our student debt relief programs. They were riddled with red tape and dysfunction, and even if you had It’s almost impossible to qualify and get it,” U.S. Education Secretary Miguel Cardona said on a conference call with reporters.

Who gets relief?

Monday’s relief fell into three categories:

• The department under Biden previously Expanded eligibility requirements for PSLF. The round provides $465 million in loan forgiveness to 6,100 PSLF borrowers.
• Nearly 85,000 borrowers who engaged in misconduct at universities received $1.26 billion in borrower defense group relief.
• The department also announced $2.5 billion in relief for 61,000 borrowers. Total and permanent disability.

What’s next for the borrower?

This action is for student loan borrowers Worrying about repayment and the future of forgiveness programs under incoming President Donald Trump. Biden’s Save for a valuable education (SAVE) The plan remains on hold due to ongoing litigationand may be abandoned entirely under a Trump presidency.

However, senior government officials told reporters in interviews that the latest round of clemency was a final verdict, indicating that it could not be overturned after a change of government.