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TopicBiden Announced $7.4 Billion in Student Loan Relief
emblem-man
04/12/24 2:50:17 PM
#12:


MistyKnight posted...
Where who they keep getting paused as challenged
Read the story

Most of those borrowers signed up for the presidents signature income-driven repayment plan Saving on a Valuable Education, or SAVE. Through SAVE, people who originally borrowed a small amount ($12,000 or less) and have been paying it off for at least a decade are eligible for relief.

Others affected are 65,700 borrowers participating through other income-driven plans who should have qualified for relief but did not because their loan servicers wrongfully put them into forbearance. Fixes to those plans account for nearly half of the loans forgiven in the announcement Friday.

The final bucket includes a few thousand borrowers participating in Public Service Loan Forgiveness, which relieves the loans for people working in government jobs or positions that give back to the community. Biden has been working to fix various administrative problems that have long plagued the program, and the discharges announced Friday are the result of one such adjustment.

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