Biden Administration Continues to Forgive Student Debt
Who Qualifies for the Student Loan Forgiveness?
Three groups of people qualify under the latest round of student loan forgiveness. These groups include:
- Borrowers who have already received a Pell Grant
- Borrowers who have other federal student loans and have made 120 payments on those loans
- Borrowers who are working in public service jobs and have made 10 years of payments on their loans
The Biden administration has said that it is committed to providing student loan forgiveness to as many borrowers as possible. The administration has already approved loan relief for nearly 39 million borrowers who were counting on the forgiveness. The Biden-Harris Administration recently announced the approval of an additional $49 billion in student loan forgiveness. This brings the total amount of student loan forgiveness approved by the Biden administration to $58 billion.
Supreme Court Strikes Down Biden's Student Loan Forgiveness Plan
In a major setback for the Biden administration, the Supreme Court has struck down the president's plan for federal student loan forgiveness. The court ruled that the administration did not have the authority to implement the plan without congressional approval. The decision is a major blow to the administration's efforts to provide relief to student loan borrowers.
In the wake of the Supreme Court's ruling, the Biden administration has said that it is exploring other options for providing student loan forgiveness. The administration has not yet announced what those options are, but it is expected to make an announcement in the coming weeks.
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