The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers.

The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers.

The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program.

“Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned,” U.S. Secretary of Education Miguel Cardona said in a statement. “This level of debt relief is unparalleled and we have no intention of slowing down.”

  • doingthestuff@lemmy.world
    36·
    11 months ago

    Those loans weren’t really presented as loans through. It was literally “hey if you meet the requirements take this money and you won’t have to pay it back”. My small nonprofit got about $56k total and it was really helpful with all the restrictions they were mandating.

    • cheese_greater@lemmy.world
      8·
      11 months ago

      I don’t get why its only companies that deserve a hand. The amount of wastef life and time and effort do to student loans is beyond unproductive and punitive

    • quo@feddit.uk
      5·
      11 months ago

      How does telling people upfront somehow make it OK rich business owners got an average of $70k in free cash, when student loan borrowers are told they can’t get $10k?