Biden Announces New Rules to Make Millions More Eligible for Student Debt Relief

Contact Your Elected Officials
The Epoch Times Header

The proposed rules, if finalized, would bring the total number of borrowers eligible for debt forgiveness to more than 30 million to date.

President Joe Biden announced new rules on July 31 that make millions more borrowers eligible for student loan debt relief.

โ€œToday, my Administration took another major step to cancel student debt for approximately 30 million Americans,โ€ Biden said.

โ€œWe wonโ€™t stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt.โ€

Starting on Aug. 1, the Department of Education (DOE) will send emails to all borrowers with at least one outstanding federal student loan with updates on potential debt relief and a notice of the Aug. 30 deadline to call and opt out if they arenโ€™t interested in the program. The email does not guarantee eligibility.

The department will finalize the rules this fall, based on the administrationโ€™s existing work to provide $168 billion in student loan relief to nearly 4.8 million borrowers. If the rules are finalized as proposed, the number of borrowers eligible for student loan relief will climb to more than 30 million, including those already approved.

โ€œThese latest steps will mark the next milestone in our efforts to help millions of borrowers whoโ€™ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others,โ€ DOE Secretary Miguel Cardona said in a statement.

The administration released its first set of draft rules in April, directing Cardona to grant further student loan debt relief to tens of millions of borrowers nationwide, including those with balances growing from years of interest.

If finalized, the rules would allow Cardona to provide partial or full debt relief to borrowers who owe more than they did at the start of repayment, those who have been in repayment for more than 20 years, those eligible for loan forgiveness but havenโ€™t yet applied, and those enrolled in low-financial value programs.

By Jacob Burg

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

How The Big Beautiful Bill Will Keep Louisiana’s Energy Industry Strong

Renewable or not, our federal govt should not be rigging the deck against any energy sources, especially nuclear power that is both clean and consistent.

On Declaring War, Congress De Facto Amended the Constitution

Congress has de facto amended the Constitution by 55 years of refusing to debate matters of war and peace.

LGBTQโ„ข Propaganda Roundup: Tampon Tim Walz Fails the Test

LGBTQโ„ข Propaganda Roundup: Nip/tucking the latest social engineering fisted...

AI is Now an Existential Threat

We now see evidence that artificial intelligence is an existential threat to our future. It is coming to take American jobs!

Supreme Court Curbs Nationwide Injunctions, Handing Trump a Major Victory

The U.S. Supreme Court ruled that federal district judges can no longer issue nationwide injunctions, delivering a victory for Trump and his admin.

FBI Says Itโ€™s Uncovered โ€˜Largest Health Care Fraudโ€™ in American History

FBI and DOJ said $15 billion in losses was reported in โ€œlargest health care fraudโ€ investigation in U.S. history. Officials charged more than 300 people.

Trump Admin Finds Harvard Violated Civil Rights Over Alleged Anti-Semitism

A second investigation by the Dept of Health and Human Services is the latest action in a long dispute between Trump and Americaโ€™s oldest university, Harvard.

AOC โ€“ Acting On Cue

It is easy to dislike Alexandria Ocasio-Cortez (AOC), also known as Sandy Cortez, because she is fraudulent and not to smart.

โ€˜I wanted to do something to fight backโ€™: This iPhone app alerts users to nearby ICE sightings

Joshua Aaron's app, ICEBlock, is designed to let users alert people nearby to sightings of Immigration and Customs Enforcement agents in area.

Canada-US Trade Talks Will End Until โ€˜Certain Taxesโ€™ Are Dropped, Trump Stresses

Trade discussions between Canada and the United States will end โ€œuntil such time as they drop certain taxes,โ€ U.S. President Trump said in an interview.

Trump Says US to Send Tariff Letters to Trade Partners Before July 9 Deadline

President Donald Trump said Sunday he will soon send letters to trading partners detailing the tariffs to be imposed on their exports to the United States.

Trump Says He Found a Buyer for TikTok

President Trump said he found a buyer for the Chinese-owned short video application TikTok, and that he will reveal the group in roughly two weeks.

Termination of โ€˜Wasteful Contractsโ€™ Saves US Government $470 Million Last Week: DOGE

Over the past seven days, various government agencies have terminated 312 โ€œwasteful contractsโ€ with a ceiling value of $2.8 billion, the DOGE said.
spot_img

Related Articles