Biden to Immediately Forgive $39 Billion in Student Loan Debt

The Department of Education has announced that the Biden administration will immediately forgive $39 billion in student loan debt for 804,000 borrowers.

According to a Department of Education report provided to PoliticusUSA:

The Department of Education (Department) today will begin notifying more than 804,000 borrowers that they have $39 billion in federal student loan debt that will be discharged in the coming weeks. In total, the Biden-Harris Administration has approved more than $116.6 billion in student loan forgiveness for more than 3.4 million borrowers.

The upcoming information is the result of plans by the Biden-Harris Administration to ensure that all borrowers have an accurate estimate of the amount of their monthly payments that should be forgiven under the repayment plans (IDR). These reforms are part of the department’s commitment to addressing past failures in the administration of the Federal student loan program in which qualifying payments made under IDR plans that would have brought borrowers closer to forgiveness were not counted. Borrowers are eligible for forgiveness if they have earned 20 or 25 of the qualifying months.

The full history of the Biden administration on student loan forgiveness includes:

  • $45 billion for 653,800 public sector workers through PSLF reform;
  • $5 billion for 491,000 borrowers with total and permanent disability; and
  • $22 billion for nearly 1.3 million borrowers who were defrauded, had their schools closed, or were involved in lawsuits.

President Biden is right. The only way to solve the student loan debt problem that is plaguing millions of Americans is to take action.

However, as long as Republicans control every part of Congress, there is no chance of a permanent solution.

Biden appears to be doing his best by using the executive powers and powers of the Executive Branch of government.

The president is keeping his promise to student borrowers, no matter where they aree The Supreme Court continues to trouble the workers.

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