The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the“From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” Presidentsaid in a statement. “I will never stop working to cancel student debt — no matter how many times Republican-elected officials try to stop us.
A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while working in public service jobs.According to the Education Department, 1 in 10 federal student loan borrowers has now been approved for some form of loan relief.
Conservative opponents have threatened to challenge that plan too, calling it an unfair bonus for wealthy college graduates at the expense of taxpayers who didn’t attend college or already repaid their loans.at one-time cancellation, saying it overstepped the president’s authority. The new plan is being made with a different legal justification.As Americans head to the polls in 2024, the very future of our country is at stake.
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