Statement from President Joe Biden on Early Student Debt Cancellation for Borrowers Enrolled in SAVE | The White House
www.whitehouse.gov
From Day One of my Administration, I vowed to fix the student loan system and make sure higher education is a pathway to the middle class – not a barrier to opportunity. Already, my Administration has cancelled student debt for 3.6 million Americans through various actions – delivering lifechanging relief to students and families, and…

“Borrowers who may be eligible for early debt cancellation to sign up for the SAVE plan at studentaid.gov,” a statement by the White House says.

  • Midnitte@beehaw.org
    3·
    11 months ago

    This was my thought as well, but it’s also important that the rule is more generous then the title let’s on.

    With each additional $1,000 of debt, the window for forgiveness increases by one year. For example, a student who took out $13,000 in loans will now have their debts erased if they’ve been in repayment for 11 years — or in 12 years for those who borrowed $14,000 and so on.

    So… you can’t be in repayment for eternity, which is a great change. Now we just need to shorten that time frame to 0.

    As the other commenter pointed out, there’s a specific political party hamstringing these efforts that need to be voted out.