Continuing his efforts to release more money into the economy and make sure those who get the relief KNOW who did it?
President Biden keeps forgiving the loans due by millions kicking over $150B in debt away…..
Efforts to stop his moves have failed…..
The Biden administration announced an additional $7.4 billion in student loan cancellations for some 277,000 borrowers on Friday, building on plans announced earlier this week to provide debt relief for millions of borrowers by the fall if new rules the White House has put forward hold.
The latest round of relief reflects a strategy the White House has embraced by taking smaller, targeted actions for subsets of borrowers that it hopes will add up to a significant result, after a larger plan to wipe out more than $400 billion in debt was struck down by the Supreme Court last year.
It also comes as President Biden aims to shore up support with young voters who may be disproportionately affected by soaring education costs, but who may be drifting away over his policy on Israel and the war in Gaza.
Taken together with previous actions, the announcement on Friday brought the total to $153 billion in debt forgiven, touching around 4.3 million borrowers so far, the administration said. The administration hopes to forgive some or all loans held by some 30 million borrowers total. The administration said the 277,000 people it identified would be notified by email on Friday….
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An additional 65,000 enrolled in repayment plans will see reductions in what they owe through adjustments correcting what Mr. Cardona described as “administrative and servicing failures.” The remaining group would see their loans forgiven through the Public Service Loan Forgiveness Program, having already qualified after making 10 years of payments while engaging in public service.
Administration officials have said they studied the Supreme Court’s decision rejecting large-scale loan forgiveness and are taking a piecemeal approach that identifies specific groups of borrowers who qualify for cancellation under established law, such as the Higher Education Act.
If the administration’s rules announced on Monday are finalized after a comment period that could stretch through the summer, Mr. Biden has said 25 million borrowers could see some amount of forgiveness….
Note….
Remember Donald Trump put HIS name on the pandemic checks.….
Update….
The White House announced on Wednesday that the Biden administration is canceling student loans for another 160,000 borrowers.
Why it matters: This latest round of forgiveness will erase $7.7 billion in outstanding loan balances, bringing the total student debt relief approved by the Biden administration to $167 billion.
Wednesday’s debt relief came via three existing programs: Saving on a Valuable Education (SAVE) plan, Public Service Loan Forgiveness and income-driven repayment plans….
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