HomeFinance NewsPersonal financeBiden Drops a Debt Bomb: $136 Billion Vanishes, More Expected Soon!

Biden Drops a Debt Bomb: $136 Billion Vanishes, More Expected Soon!

  • ORIGINAL NEWS

Biden has forgiven $136 billion in student debt. More relief is on the way


  • SUMMARY

The Biden administration has been working to provide student debt relief to borrowers, and over 3.7 million people have already benefited.

Income-driven repayment plans allow borrowers to pay a portion of their income towards their debt and receive forgiveness after a certain period.

Recently, the Education Department announced that it would cancel the debts of those who’ve been in repayment for decade and took out $12,000 or less.

The Public Service Loan Forgiveness program has also been expanded to include more eligible borrowers, and 790,000 public servants have had their debt erased.

Additionally, the administration has forgiven the student debt of disabled borrowers and those who were cheated by their colleges.

A revised broad forgiveness plan is being developed, which could potentially forgive the student debt of 10 million people.

The administration is continuing to explore ways to provide relief to borrowers in need.

Recent developments are promising, but it’s important for borrowers to stay updated on the latest information and contact their loan servicer or the Education Department for more information.


  • NEWS SENTIMENT CHECK
  • Overall sentiment: positive
  • Positive



    “More than 3.7 million borrowers have gotten their student debt forgiven while President Joe Biden is in office, and more relief is expected.”

    “The Biden administration has been evaluating millions of borrowers’ loan accounts to see if they should have had their debt forgiven.”

    Negative



    “Although President Joe Biden’s plans to cancel up to $400 billion in student debt for tens of millions of Americans were foiled over the summer at the Supreme Court,”

    “Navigating the Public Service Loan Forgiveness program has been¬†famously difficult.”

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