The Department of Education is planning to aid millions of borrowers with student loan forgiveness and reform.
As it stands, if borrowers make the required payments for 20 to 25 years they are eligible for forgiveness.
To address these issues, the Education Department is revising its income-driven repayment program, which will take a look at the use of forbearance. The use of forbearance has garnered criticism for driving borrowers deeper into debt while their loans build interest as the practice allows them to pause payments.
“Between now and August 31, it’s either going to be extended again or we’re going to make a decision, as Ron [Klain] referenced, about canceling student debt,” said Jen Psaki, White House press secretary, had said about President Joe Biden canceling student loans, Business InsiderIn addition, Sen. Chuck Schumer also said progress is being made in student loan-related relief, according to
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Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
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Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
Weiterlesen »
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Weiterlesen »
Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
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