Who’s Getting Student Loan Forgiveness After $7.7 Billion In Illegal Relief? And Who’s Getting Screwed? The American Taxpayer.
The Democrat’s ILLEGAL Plan to Buy Off Young Voters.
Student loan borrowers should keep eyes on their accounts in the coming months as the Biden administration pushes forward with student loan relief initiatives.
Following the Supreme Court’s block on Biden’s initial (illegal) forgiveness program in 2023, the administration has continued to implement a series of programs to assist some of the 43.2 million borrowers struggling under America’s $1.6 trillion in federal student loan debt.
In May 2024, the administration also announced an additional $7.7 billion in forgiveness for undergraduate loan holders, a precursor to another cut set to take place in July.
Recently, the Biden administration announced an additional $7.7 billion in loan debt relief was approved for 160,500 borrowers. This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education.
Additionally, the administration is working on expanding and contacting eligible borrowers to get a SAVE plan, which currently has 7.7 million borrowers enrolled, 4.3 million of whom have $0 payments, according to the Department of Education.
Source: Mary Walrath-Holdridge, Palm Beach Post
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