Press Release
☷Biden Harris Administration Takes Next Steps on Rulemaking to Provide Debt Relief to Student Loan Borrowers Experiencing Hardship
U.S. Department of Education ( By Press Release office)
Feb 17,2024
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The Biden - Harris Administration released new proposed rules today to help students struggling with their loan debt . After the Supreme Court rejected their original plan last summer , President Biden came up with a new way to provide relief for as many borrowers as possible . The rules will be discussed in a meeting on February 22 and 23 . The proposal outlines different factors , like the amount of debt and income , that will determine if a borrower qualifies for relief . The Secretary of Education will have the authority to decide who gets relief based on these factors . One part of the proposal allows for automatic relief for borrowers who are likely to default in two years . The Secretary will use information he has to identify these borrowers . The proposal also allows for additional relief through an application or automatic process for borrowers facing hardship . Under Secretary James Kvaal said these ideas are part of President Biden ' s plan to help struggling borrowers and make loan repayment more manageable . This proposal is part of the Administration ' s efforts to fix loan forgiveness programs and create a more affordable repayment plan . They have also proposed relief for other groups of borrowers , like those with high loan balances and those who attended career - training programs with high debt and low earnings . Hey , just a heads up - if you ' re eligible for forgiveness under repayment plans like the SAVE Plan or targeted relief programs , or closed school loan discharges , but haven ' t applied yet , you might want to consider it . The Biden - Harris Administration has been working hard to fix the student loan program and provide debt relief to millions of borrowers . For example , the SAVE plan is helping nearly 7 million borrowers manage their monthly loan payments and work towards forgiveness . Some borrowers on SAVE have a $0 monthly payment , while others are saving an estimated $117 a month . Overall , the Administration has approved over $136 . 6 billion in relief for more than 3 . 7 million borrowers through various actions , including administrative corrections to IDR payment counts and improvements to the PSLF program . So if you think you might qualify for relief , it ' s definitely worth looking into .
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