- ORIGINAL NEWS
These borrowers are likely to be eligible for Biden’s new student loan forgiveness plan
- SUMMARY
The Biden administration is developing a new student loan forgiveness program that could aid up to 10 million borrowers.
Five borrower groups may qualify: 1.
Borrowers with loan balances exceeding their original amount.
2.
Those with high interest rates from loans taken in the 1980s.
3.
Borrowers who have held their debt for decades.
4.
Individuals who attended career-training programs with high debt loads or insufficient earnings.
5.
Borrowers who attended institutions with high student loan default rates.
The administration will also consider factors such as financial hardship, including low income, high expenses, and debt obligations.
The program aims to streamline existing forgiveness programs and identify eligible borrowers who haven’t yet applied.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“The Biden administration has been working on a new student loan aid package that could come as soon as this year.”
“That debt cancellation could come as soon as this year.”
Negative
“Student loan servicers, the companies the Education Department contract with to service its debt, have a record of steering consumers into forbearances and deferments”
“Millions of Americans older than 60 are still paying off their student loans, research finds.”