(NewsStories) – On Wednesday, President Joe Biden announced that he was cancelling $4.8 billion in student loans. Over 80,000 people in debt, such as government employees and long-term federal borrowers, will receive help.
The administration made regulatory reforms to improve access to existing programs. The move puts these reforms into effect. The US cancelled $2.6 billion in loans for over 34,000 federal, state, local, and nonprofit employees. The employees affected are teachers and military personnel. The cancellation occurred due to new restrictions.
The government also approved $2.2 billion to help almost 46,000 borrowers. These borrowers had been making income-based repayments for a long time.
The Supreme Court stopped the White House from helping with student loans. Joe Biden is trying to increase loan forgiveness. According to the Department of Education, Biden’s administration forgave $132 billion in loans. This helped 3.6 million borrowers.
Joe Biden wants to make student loans better so it’s easier to go to college. I won’t stop using all our resources to help student loan borrowers achieve their goals.”
The Supreme Court said no to Joe Biden $400 billion debt waiver plan. Now, the White House will suggest different ways to lower debt and get legal backing. Earlier this week, the Education Department revealed a plan to assist low-income Americans. The plan is for people who owe more on their student loans than they borrowed.