Joe Biden made the announcement that he might be able to get his final round of student loan debt reduction on Monday, increasing the total amount of student loan forgiveness granted over the past four decades to more than$ 183 billion for five million federal student loan borrowers.
Biden announced Monday night that the latest round of forgiveness does affect 150, 000 lenders, including 85, 000 who “attended institutions that cheated or defrauded their kids”, 61, 000 borrowers with permanent disabilities, and 6, 100 public servants.
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The president praised his actions on debts in a statement, particularly revealing changes he made to the Public Service Loan Forgiveness system and increasing Pell Grants.
” My Management has taken ancient action to reduce the problem of student loan, keep bad actors guilty, and fight on behalf of individuals across the country”, Biden wrote. I promised to make higher education a doorway to the center course, not a barrier to chance, and I’m proud to say that we have forgiven more student loan debt than any other leadership in record.
It remains to be seen how President-elect Donald Trump plans to control the Biden administration’s behavior on student loan debt.
Seven Democratic state attorneys general have now filed complaints against Biden’s signature student loan forgiveness program, the Saving on a Valuable Education program. 8 million plan students could see their monthly bills rise by upward to almost 600 % if any of those fits result in hostile decisions for the Biden administration.
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Trump has vowed to screen the Education Department, and he could, without legislative power, started shifting its plans to individual companies.
During his first term in office, Trump suggested rehousing the department under the Labor Department, and multiple Trumpworld insiders told the , Washington Examiner , that, under the president-elect’s possible federal restructuring, the Treasury Department could absorb the Education Department’s loan programs.
