The Biden administration announced that President Biden will forgive another $1.2 billion in student loans, while Republicans plot to get rid of the program.
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According to a statement provided to PoliticusUSA:
The Biden-Harris Administration today is announcing that it will automatically discharge $1.2 billion in loans for nearly 153,000 borrowers who are eligible for the shortened time to forgiveness benefit under President Biden’s Saving on a Valuable Education (SAVE) Plan. This action comes as 7.5 million borrowers are now enrolled in SAVE, 4.3 million of whom have a $0 monthly payment.
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Borrowers will begin receiving emails from President Biden today telling them they are approved for forgiveness and will not need to take any further action to receive relief. In the coming days servicers will process the forgiveness and borrowers will see their loans forgiven on their accounts. Moving forward, borrowers who meet the eligibility criteria for forgiveness under the SAVE Plan will have their loans automatically discharged with no action needed on their part.
President Biden has put together the best record of student loan forgiveness of any president in US history. The Biden administration has forgiven loans totaling $138 billion for 3.9 million borrowers.
A senior administration official said during a call in which we participated that Biden’s student loan forgiveness efforts will especially help black borrowers.,” It’s true that black borrowers are more likely to borrow. They borrow larger amounts, and they typically struggle to repay and make student loan programs. more fair, is an important step toward addressing inequities and opportunities by race in our country. The SAVE Plan is, for most borrowers, the most affordable way to repay student loans. And it’s particularly helpful to people who have larger debt amounts, and so we anticipate it’s going to be a valuable tool for many black bars and for many alumni of historically black colleges and universities to help them afford to repay their student loans or earn loan forgiveness.”
Republicans Want To Kill Biden’s Student Loan Forgiveness
According to the Capitol News Service, House Republicans are trying to pass a bill that they have named the College Cost Reduction Act that would repeal Biden’s student loan forgiveness programs:
The measure presents numerous programs intended to strengthen the integrity of higher education institutions across the country, but also would gut much of President Joe Biden’s efforts to help students afford college. Democrats on the committee offered a series of amendments to the bill aimed at blocking the GOP repeals, but all were defeated.
“Unfortunately, President Biden has decided time and time again that the executive branch should also hold the legislative pen,†said Foxx, “Congress has the task of creating laws that reflect the interests of the people. It is not the role of the executive pen.â€
Elections have consequences. If Trump returns to the White House, Biden’s student loan forgiveness programs will be repealed, and borrowers will no longer be eligible for the student loan relief that President Biden has offered.
The Biden administration is committed to helping student loan borrowers as Republicans plot to make their lives harder. The media won’t talk about it, but the choice voters make in November will have a direct impact on the lives of millions of student loan borrowers.
