© Susan Tompor / USA TODAY NETWORK
Student loan debt
(New York, NY) – After President Biden’s student loan debt cancellation plan was struck down, the White House is taking steps aimed at helping borrowers in a different way. The administration has announced a new effort that aims to forgive $39 billion in student loan debt for more than 800,000 borrowers.
Friday morning, Secretary of Education Miguel Cardona unveiled details. The move involves changes or fixes being made to the student loan system’s income-driven repayment plans.
The Biden administration is forgiving 39-billion dollars in student debt for over 800-thousand borrowers. Secretary of Education Miguel Cardona said this morning the debt relief is a result of fixes to the student loan system’s income-driven repayment plans. Under those plans, borrowers get their remaining debt cancelled after they have made payments for at least 20 years. The Education Department says it will notify eligible borrowers in the coming days.
