The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • mydude@lemmy.world
    11·
    6 months ago

    These are the things that he’s proud of. He’s not ashamed of these policies. Not one bit.

    https://bigthink.com/the-present/joe-biden-student-debt/

    In 1978 he co-wrote a bill that introduced the first limit on how students could use bankruptcy law to reduce their debt burden.

    In 1990 he helped author the Crime Control Act, which is famous for stepping up sentencing guidelines, included an entirely unrelated clause that further lengthened the time students had to wait before they could declare bankruptcy on their student loans.

    In 1998 they introduced an “undue hardship” clause to federal student loan bankruptcy proceedings; making it even more difficult to declare bankruptcy on student debt.

    To top all of this off, he supported adding the undue hardship clause to private student loans in 2005.

    • AA5B@lemmy.world
      14·
      6 months ago

      1978 is reaching way back. Were you even alive then? Do you know what our society was like, what the options were? Have you changed at all over the last 46 years?

        • AA5B@lemmy.world
          9·
          6 months ago

          In 1978 I stole a free battery from Radio Shack. Does that make me a lifelong thief?

          • mydude@lemmy.world
            5·
            6 months ago

            He stole the battery in 1978, 1990, 1998 , 2005. If you can’t see the pattern, then I can’t help you.

    • Franklin@lemmy.world
      8·
      6 months ago

      You can’t say if he’s proud of it or not currently. All I know for sure is that actions speak louder than words and it’s the most action we’ve gotten a long time.

      Is it the solution we need? No. However anytime he tries to do anything broader he’s blocked by Congress so I can’t hold too much at his feet.