Who's getting student loan forgiveness after $7.7 billion in relief?

[havoc00]

Student loan borrowers should keep eyes on their accounts in the coming months as the Biden administration pushes forward with student loan relief initiatives.

Following the Supreme Court's block on Biden's initial forgiveness program in 2023, the administration has continued to implement a series of programs to assist some of the 43.2 million borrowers struggling under America's $1.6 trillion in federal student loan debt.

Earlier this year, changes were made to the income-driven repayment Saving on a Valuable Education (SAVE) Plan, giving borrowers who originally took out $12,000 or less a chance to have loans completely wiped after 10 years of paying.

Earlier this month, the administration also announced an additional $7.7 billion in forgiveness for undergraduate loan holders, a precursor to another cut set to take place in July.

Having trouble keeping up with all of the changes and programs? Here's what to know.

Biden admin announces $7.7 billion in student loan debt relief
On Wednesday, the Biden administration announced an additional $7.7 billion in loan debt relief was approved for 160,500 borrowers. This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education.

Additionally, the administration is working on expanding and contacting eligible borrowers to get a SAVE plan, which currently has 7.7 million borrowers enrolled, 4.3 million of whom have $0 payments, according to the Department of Education.

Is college worth it:The answer for half of Americans is striking.

Who qualifies for the new $7.7 billion debt relief?
The student loan relief will cover debts in three categories of borrowers:

$5.1 billion: 66,900 borrowers receiving Public Service Loan Forgiveness (PSLF), which helps people working in public service or nonprofit, will receive relief.

$613 million: 54,3000 borrowers who signed up for President Biden’s SAVE Plan and have smaller loans for post-secondary education. Borrowers can receive relief after at least 10 years of payments if they originally borrowed $12,000 or less.

$1.9 million: 39,300 borrowers will receive forgiveness on income-driven repayment (IDR) as a result of fixes meant to address concerns about the misuse of forbearance by loan servicers.

https://www.usatoday.com/story/money...s/73841582007/

[Issobolic28]

Nothimg good can come of that lol

All it teaches kids is they can rack up debt and it will go away.

Good luck surviving in the real world.

[HateLiberals]

Nothimg good can come of that lol

All it teaches kids is they can rack up debt and it will go away.

Good luck surviving in the real world.

It's about buying votes future doesn't matter boyo

[nutsy54]

"Forgiveness" on less than 0.5% of all outstanding loans

Blatant vote-buying stunt, while pissing off the 87% of Americans who don't have student loans, but now must foot the bill through more federal debt and eventual higher taxes.