Biden Admin Cancels Another $9B in Student Debt, Affecting 125,000 Borrowers
Summary from AllSides News Team
Around 125,000 borrowers will have $9 billion in student debt canceled, the Biden administration announced Wednesday.
The Details: The borrowers were already eligible for cancellation through programs such as Public Service Loan Forgiveness for teachers and health care workers; discharges for people with disabilities; and income-driven repayment plans that forgive balances after at least 20 years of payments.
For Context: Federal student loan payments resume this month for 28 million borrowers. Earlier this year, the Supreme Court struck down Biden's broader plan to forgive up to $20,000 in debt for any borrower earning less than $125,000 annually. Biden has now canceled roughly $127 billion in student loan debt for 3.6 million borrowers.
How the Media Covered it: Sources across the spectrum covered the news, with some left-rated sources framing the cancellation efforts more positively than right-rated sources. USA TODAY (Lean Left bias) said "Although the president was thwarted in his attempt at far-reaching relief, his administration has managed to chisel away at student loan debt on a smaller scale." Washington Examiner (Lean Right) highlighted Republicans who "balked at widespread debt forgiveness plans as an unfair transfer of costs to taxpayers who paid off their debts or never attended college."
Featured Coverage of this Story
From the CenterBiden administration to cancel $9 billion in student debt for 125,000 borrowers
Roughly 125,000 borrowers will have $9 billion in student debt cancelled, the Biden administration announced Wednesday.
The cohort receiving the relief includes three groups of borrowers who have been eligible to have their debt forgiven for years but struggled to access that benefit. They are public servants who have been working for the government or certain nonprofits for more than 10 years and paying on their student loans during that time; borrowers who have been in repayment on their loans for more than 20 years; and borrowers who are severely...
From the RightBiden extends $9 billion more of student debt relief to 125,000 borrowers
President Joe Biden announced Wednesday $9 billion in new student loan debt relief for 125,000 borrowers.
White House officials called the move a "key step" in his efforts "to fix the broken student loan system, make college more affordable, and bring the promise of higher education in reach for more Americans."
The relief itself comes in the form of restructured income-driven repayment plans and Public Service Loan Forgiveness, the core focus of Biden's debt agenda following the Supreme Court's striking down of his unilateral cancellation earlier this year.
In total, $5.2 billion of Wednesday's...
From the LeftStudent loan debt forgiveness arrives for some borrowers as payments resume for others
Another 125,000 student loan borrowers will have $9 billion in student loan debt erased, the Biden administration said Wednesday.
Those borrowers were already eligible for cancellation through various programs: Public Service Loan Forgiveness for people working as teachers and health care workers, for instance; income-driven repayment plans that link payments to wages and forgive balances after 20 or 25 years of payments; or discharges for those with disabilities.
$5.2 billion for 53,000 borrowers who worked for at least a decade in eligible public service fields such as teaching or the military;
Nearly $2.8 billion for...