With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • Zaktor@sopuli.xyzEnglish
    1·
    4 个月前

    These were all either existing programs or a new program that forgives loans that already weren’t being repaid (via existing IBR rules). This is “unpredictable” only insofar as the previous president refused to let the programs work.

    Still find it odd that the executive branch should be able to do this sort of thing unilaterally.

    He isn’t. He does have that ability (because Congress specifically gave it to the Executive in the Higher Education Act), but these are existing programs directed by Congress. The new group is just Biden automatically enrolling people who qualify in the old program.

    Worry about loan forgiveness to businesses and rich people rather than to poor people and public servants. There’s corn and fuel subsidies costing way more than this that have perverted the economy and actively destroy the environment. People get really worried about the economic effects of poor people getting stuff like that’s coming directly out of their wallet when there’s so much larger and more direct issues that just get assumed as normal.