The Biden administration continues to announce additional rounds of federal student loan debt “forgiveness” despite last year’s Supreme Court ruling.
On Thursday, the White House issued the following statement: press release An additional $6 billion in debt cancellation was announced.
“Today, my administration will cancel student loans for 78,000 more public servants, including teachers, nurses, and firefighters, through the Public Service Loan Forgiveness program,” Biden announced. “These public servants have dedicated their careers to serving their communities, but past administrative failures have prevented them from receiving the relief they are entitled to under the law.”
of Public Service Loan Forgiveness Program The act was signed into law in 2007 by President George W. Bush. Its goal was to encourage more Americans to seek jobs in the public service field.
A White House press release noted that the Biden administration has wiped out federal student loan debt for 870,000 public employees. In total, previous administrations provided relief to only 7,000 workers, according to the announcement.
Biden touted that he has “cancelled” the debt of 4 million Americans since taking office. Last year, the administration tried to unilaterally eliminate $10,000 in federal student loan debt for individuals making less than $125,000 a year and couples making less than $250,000 a year. In June, the Supreme Court blocked Mr. Biden’s plan to cancel about $430 billion in debt owed by his borrowers.
Since that ruling, the administration has continued to pursue its goal of providing so-called debt forgiveness through smaller, similar programs that shift the burden to all U.S. taxpayers.So far, Biden has zero outs. $143.6 billion I owe money to student loan borrowers.
“Following the Supreme Court’s ruling against my administration’s original student debt relief plan, we continue to pursue alternatives to bring student debt relief to as many borrowers as possible as quickly as possible,” Biden said. Ta.
The government has made clear it aims to continue offering student loan forgiveness to as many borrowers as possible.
A January study by Intelligent.com revealed that many borrowers are refusing to pay back their student loans in order to pressure the government to wipe out all debt. The survey of 1,000 federal student loan borrowers found that 6 in 10 have missed a payment since the federal government lifted the moratorium on payments in October. It found that 25% of borrowers had never made a payment, and only 40% had made all their monthly payments.
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