The administration of US President Joe Biden has authorised an additional $9 billion in student debt relief for 125,000 borrowers, according to a statement made on Wednesday.
Biden announces student debt relief: After the Supreme Court rejected his proposal to erase hundreds of billions of dollars in debt, Biden stated he would pursue new approaches to relieve Americans of their student loan debt.
The newest announcement, according to the president, boosted the total amount of debt cancellations allowed by his administration for roughly 3.6 million Americans to $127 billion.
“For people and their families, this type of alleviation transforms their lives. But it’s also beneficial for our economy as a whole, he told the press.
The new steps, per a White House fact sheet, comprise:
Further, 53,000 debtors will get an additional $5.2 billion in debt relief through Public Service Loan Forgiveness programmes.
“Adjustments to ‘income-driven repayment’ will provide roughly $2.8 billion in additional debt relief to approximately 51,000 borrowers whom the White House defines as those who made payments for at least 20 years ‘but never received the relief they were entitle to.'”
However, Approximately 22,000 disable debtors, who were identified through a data match with the Social Security Administration, have been grant permission to be discharge, resulting in $1.2 billion.
According to Biden, “My administration is doing everything it can to provide student debt relief to as many people as we can, as quickly as we can.”