Biden Administration Announces Additional $74 Billion in Student Loan Cancellations
Further Relief for Borrowers Announced
Expanded Eligibility for Loan Forgiveness
The Biden administration has announced an additional $74 billion in student loan cancellations for approximately 277,000 borrowers, expanding on plans announced earlier this week. This brings the total amount of student loan debt forgiven by the administration to over $100 billion.
An estimated 2 million more people will be eligible for debt relief under the new measures. All debt will be canceled for borrowers who have been repaying undergraduate loans for 20 years or more (or 25 years for public service workers).
Automatic Loan Discharge
Additionally, the administration is automatically discharging $12 billion in loans for nearly 153,000 borrowers who are eligible for the recently announced "shortened time to forgiveness" program. This program offers loan forgiveness to borrowers who have been repaying their loans for 10 years or more, but who have not yet met the traditional 20-year forgiveness requirement.
The Biden administration has prioritized addressing the student loan debt crisis, recognizing its significant impact on borrowers' financial well-being and the broader economy. These measures provide further relief to those struggling with student loan debt and demonstrate the administration's commitment to making higher education more accessible and affordable.
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