Student Loan Debt - NPR - What a Biden Admin may do (2 Viewers)

[wardorican]

Interesting interview. It's 11 minutes long.

What a Biden Administration May Do to Address Student Debt | The Takeaway | WNYC Studios

Collectively, Americans have over $1.6 trillion worth of student loan debt.

www.wnycstudios.org

One tidbit was that students with the most debt often have the best means to pay it. Those with the least debt are most likely to go into default. That's backwards from how I'd think of it, outside of Dr's and Lawyers.

 

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Biden-Harris Administration Approves $1.2 Billion in Loan Forgiveness for Over 150,000 SAVE Plan Borrowers

The Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden’s Saving on a Valuable Education (SAVE) Plan. This action comes as 7.5...

www.ed.gov

 

[efil4]

Biden-Harris Administration Approves $1.2 Billion in Loan Forgiveness for Over 150,000 SAVE Plan Borrowers

The Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden’s Saving on a Valuable Education (SAVE) Plan. This action comes as 7.5...

www.ed.gov

and before some get their panties in a wad, please read how the SAVE plan works.

Biden Admin isnt waving a magic wand and making $50,000 loans disappear.

 

[zztop]

Came across this the other day

 

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Announced today

Biden’s newest student loan forgiveness plan, explained

Do you qualify?

www.vox.com

Plan B invokes a different legal authority than the one used in 2022, builds off existing programs that haven’t faced the same kind of legal pushback, and is much more targeted, all in an attempt to avoid the fate that the first loan forgiveness plan faced at the Supreme Court.

(another article)

https://www.axios.com/2024/04/08/student-loan-forgiveness-biden-new-plan

Under the new plan, the administration would cancel up to $20,000 of a borrower's accrued interest, regardless of income, the White House said in a statement Monday.

• In addition, low-and-middle income borrowers — single people making less than $120,000 or couples making less than $240,000 — enrolled in an income-driven repayment plan would have all of their interest forgiven.
• No application will be required to receive the relief, the statement added.
• If the plan is implemented as proposed, the Biden administration estimates it will "fully eliminate" accrued interest on 23 million borrowers' unpaid balances.
• The plan would also wipe out the full amount of debt owed by 4 million Americans and give partial relief of at least $5,000 to more than 10 million additional borrowers.