The Federal Trade Commission is warning about scammers targeting people with promises to cancel their student loans, and critics say President Joe Biden fueled the fire himself. Biden has been pledging to cancel student loans since the 2020 presidential campaign and has rolled out a wide range of programs and proposals toward that end. While his […]
Michael RaineyApril 16, 2024The Department of Education on Tuesday released a first set of draft rules for President Joe Biden’s proposed plan
President Joe Biden's new student loan forgiveness plan is narrower than his first effort. For critics of debt relief, that might not make a difference.
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In a move aimed at alleviating the burden of student loan debt for millions of Americans, the Biden administration has announced another round of student loan forgiveness, totaling $7.4 billion. This latest announcement comes as part of President Biden’s ongoing efforts to address the issue of student debt in the United States. The decision follows […] The post Biden Administration Announces $7.4 Billion in Student Loan Forgiveness first appeared on The Source.
The Biden administration released its new proposal to forgive student debt for millions of Americans. It hopes this plan will survive legal challenges.
A total of 18 states are now suing the Biden administration over its new student debt forgiveness program, hoping to halt $1.2 billion in loan relief for more than 150,000 borrowers. The SAVE Repayment Plan, which was announced in February, allows borrowers to have their federal student debt forgiven if they took out $12,000 or less and have made payments for at least 10 years. A federal lawsuit filed Tuesday — led by Missouri and joined by Arkansas, Florida, Georgia, North Dakota, Ohio and...
The Biden administration said Friday that is using existing student loan forgiveness programs to cancel another round of student debt, totaling $7.4 billion for 277,000 borrowers. Under President Joe Biden, the Department of Education has made it easier for some specific groups of borrowers, like public sector workers, to qualify for loan forgiveness. It also launched a new repayment plan that creates a shorter pathway to loan forgiveness for many low-income borrowers – and is at issue in at...
After the Supreme Court blocked President Joe Biden's first plan to forgive student debt, his administration set out to create a more viable relief package.
The Biden administration's latest plan to wipe out federal student loan debt for millions of borrowers could add up to $750 billion to the national deficit, according to a Tuesday report from the Committee for a Responsible Federal Budget.So far, the White House has announced $150 billion in so-called student loan "forgiveness" programs over the last year following the Supreme Court's June decision to reject unilateral loan cancellations. The previously rejected program would have wiped out $430...
The Biden administration released the draft text of its revised student loan forgiveness plan. Here's what to know.
President Joe Biden’s new student loan forgiveness plan would cost $84 billion if implemented, a new analysis found. According to the Penn Wharton Budget Model, which released its analysis Thursday, the $84 billion is in addition to his previously stated SAVE plan, which the organization estimates could cost taxpayers $475 billion. “We estimate that President […]