New student loan debt cancellation
This latest debt relief package comes to the aid of public servants, those who have been paying into income-driven repayment plans and Americans with disabilities. It is another win for borrowers after the U.S. Supreme Court blocked Biden’s $400 billion debt-relief proposal to help more than 40 million borrowers in June.
The Biden-Harris Administration has approved $5.2 billion in debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs, as well as $1.2 billion for nearly 22,000 borrowers who have a total or permanent disability.
It is also granting nearly $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes made to income-driven repayment to borrowers who made 20 years or more of payments but never got the relief they were entitled to.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MoreNew student loan plan
The nation’s $1.7 trillion student debt problem has been one of Biden’s primary focuses for years.
“While a college degree is still a ticket to a better life, that ticket has become excessively expensive,” Biden said.
In addition to several debt relief packages, the Biden-Harris Administration launched a new income-driven repayment plan earlier this year called SAVE, which can make borrowers’ monthly payments as low as $0, depending on income and family size, and prevents balances from growing due to unpaid interest.
“My administration is doing everything it can to deliver student debt relief to as many as we can, as fast as we can,” Biden said.
It has also secured an increase to Pell grants and introduced new rules to protect borrowers from career programs that leave graduates with unaffordable debts or insufficient earnings.
AI-Powered Scams Are Surging—Protect Yourself Now!
The average American gets 2 scam calls and 3 scam texts every week. With AI making scams harder to spot, cybercriminals stole $12.5B in 2023 alone. Don’t be their next victim—get Norton 360 Deluxe for powerful protection against threats. Stay safe today!
