Student Loan Debt Cancelled for Another 153,000 Borrowers
Summary from the AllSides News Team
Roughly 153,000 student loan debtors will have their balances erased as the government fast-tracks forgiveness under its Saving on a Valuable Education (SAVE) plan.
The Details: The move cancels around $1.2 billion in student loan debt for people who have been in repayment for 10 or more years and originally borrowed $12,000 or less. It comes nearly six months ahead of the schedule originally announced by the Education Department.
For Context: Under President Joe Biden, around $138 billion in student debt has been canceled for roughly 3.9 million borrowers. Biden's original plan to cancel roughly $400 billion in student loan debt was rejected by the Supreme Court last year. On Thursday, federal negotiators are scheduled to discuss plans for more student debt forgiveness.
How the Media Covered It: Across the spectrum, headlines often credited the move to Biden personally. CBS News (Lean Left bias) highlighted how qualified borrowers "will receive an email from President Joe Biden today informing them of the forgiveness." The Washington Examiner (Lean Right bias) highlighted "growing dissatisfaction from young voters" after Biden's "failure to extend student loan debt forgiveness to all American borrowers."
Featured Coverage of this Story
From the Center
Student Loan Cancellation Update as Biden Approves $1.2 Billion Relief
President Joe Biden announced on Wednesday that his administration is canceling $1.2 billion dollars in student debt for some 153,000 borrowers enrolled in a new repayment plan.
The Biden administration had initially planned to start forgiveness under the Saving on a Valuable Education (SAVE) plan in July, but it is now taking effect almost six months ahead of schedule.
"This shortened time to forgiveness will particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before," the White House said...
From the Left
Biden administration is forgiving $1.2 billion in student debt for 153,000 borrowers. Here's who qualifies.
The Biden administration on Wednesday said it is automatically forgiving $1.2 billion in student debt for 153,000 borrowers. Loan holders whose debt will be discharged will receive an email from President Joe Biden today informing them of the forgiveness, the Department of Education said.
The debt relief is the latest push from the White House to address the nation's $1.77 trillion in student debt after the Supreme Court last year invalidated the Biden administration's plan for broad-based student loan forgiveness. That plan would have helped more than 40 million borrowers each wipe...
From the Right
Biden fast-tracks $1.2 billion in student loan debt relief for more than 150,000 borrowers
President Joe Biden announced another tranche of student loan debt relief totaling more than $1 billion Wednesday morning.
The move comes as Biden has encountered growing dissatisfaction from young voters for several reasons, including his failure to extend student loan debt forgiveness to all American borrowers in the face of his 2024 White House reelection campaign. The president last year put forward a plan that would have made good on that campaign promise before the Supreme Court ruled his unilateral debt forgiveness proposal unconstitutional.
Wednesday’s announcement affects some 153,000 borrowers owing $1.2 billion, all of whom are...
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