President Biden’s administration will cancel $1.2 billion of student loans for 153,000 eligible individuals through the Saving on a Valuable Education (SAVE) program. This is part of ongoing efforts to increase loan forgiveness after a Supreme Court decision blocked a broader plan. In total, $138 billion has been canceled for 3.9 million people through executive actions.
President Joe Biden’s administration said on Wednesday it is cancelling $1.2 billion worth of student loans for some 153,000 people who are eligible under a program used to make good on promises to increase loan forgiveness.
Biden last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked a broader plan to forgive $430 billion in student loan debt.
The administration has now canceled some $138 billion in student debt for nearly 3.9 million people through executive actions, the White House said.
The latest announcement applies to people enrolled in a repayment program known as Saving on a Valuable Education (SAVE) and covers those who borrowed $12,000 or less who have been repaying the money for at least 10 years.
The move will “particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before,” the White House said.
Left-leaning progressive and young voters, whose support Biden needs to win re-election in November, have been vocal in advocating for student loan forgiveness on a wide scale. Republicans largely oppose such actions.
The Biden administration has announced its intention to cancel an additional $1.2 billion in student loan debt, as part of its ongoing efforts to address the crippling burden of student loans on millions of Americans. This latest move demonstrates the administration’s commitment to providing relief to those struggling with student loan debt, particularly in the wake of the economic challenges brought about by the COVID-19 pandemic. President Biden has long emphasized the need for targeted measures to alleviate the financial strain on borrowers, and this latest action represents a significant step in that direction. The decision to cancel a substantial amount of student loan debt signals a recognition of the impact that this debt has on individuals and families across the country, and underscores the administration’s commitment to promoting equitable access to education and economic opportunity. As discussions around student loan forgiveness continue, it is clear that the Biden administration is prioritizing the need for comprehensive solutions to address the student debt crisis, while also exploring ways to make higher education more affordable for future generations. For those impacted by student loan debt, this announcement serves as a positive development, embodying the administration’s proactive approach to providing financial relief to those in need.
Source: ARY NEWS
Student loan forgiveness, President Biden, $1.2 billion, 153,000 people, loan relief, Supreme Court, $430 billion, executive actions, White House, Saving on a Valuable Education (SAVE), community college, progressive voters, re-election, Republicans, ARY NEWS. President Biden’s administration has announced the cancellation of $1.2 billion in student loans for 153,000 eligible individuals through the SAVE program. This move aligns with Biden’s commitment to increasing loan forgiveness after a Supreme Court ruling blocked a broader plan. The administration has already canceled $138 billion in student debt for 3.9 million people. This latest action benefits those with smaller loans, particularly community college students, and is aimed at garnering support from progressive voters for Biden’s re-election bid.
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