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President Joe Biden is determined to provide debt forgiveness to federal student loan borrowers, despite more than a year of having his plans challenged and shot down in the courts.The ...
President Joe Biden announced another round of student loan debt forgiveness Thursday, totaling $1.2 billion for 35,000 public-sector workers like teachers, nurses and firefighters.
Since taking office, Biden’s administration has approved the cancellation of about $144 billion in federal student loans, equal to 9% of the $1.6 trillion of federal student loan debt currently ...
Just a week before repayments on federal student loans were scheduled to resume after a two-year pause, President Joe Biden on Wednesday announced a sweeping new policy to cancel debt for millions ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [ 1]
[106] [107] In April 2024, Biden announced a revised student loan forgiveness program citing statutory authority under the Higher Education Act of 1965. [ 108 ] [ 109 ] [ 110 ] Under the American Rescue Plan Act of 2021, student loan forgiveness was designated as tax-exempt income through the end of 2025, [ 111 ] and Biden proposed making the ...
In October 2021, the Biden administration used the HEROES Act to reform a student debt forgiveness program for public workers. [15] In August 2022, the administration used the Act again to announce student debt cancellation of up to $20,000 and several other reforms.
The discharges include $2.6 billion for 34,400 borrowers using the public service loan forgiveness program and waiver and $2.2 billion for 46,000 borrowers under the one-time payment adjustment ...