Biden Administration Moves To Grant $39 Billion in Student Loan Breaks

The Biden administration announced Friday that it would move to forgive $39 billion in student debt for around 804,000 borrowers.

The change comes as the Biden administration struggles to advance its agenda of student loan forgiveness after the Supreme Court declared its earlier program was illegal.

The new plan would count more payments toward a longstanding forgiveness program that provides debt relief when borrowers have made student loan payments for 20 or 25 years.

According to the Biden administration, this change is a “fix” to the pre-existing program. The administration says that the program was not including all the payments it should have been, including some late payments or payments paused during certain deferments and forbearances.

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Education Secretary Miguel Cardona said in a statement.

The loans are owed to the U.S. government. So forgiven balances subtract from the government’s revenue, increasing the budget deficit. The Biden administration did not announce any spending cuts that would offset the lost revenue from the expanded forgiveness program.


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  1. when is this dickhead illegal president going to learn that he has to go through congress to fund this bull shit…while he is at it gee joe…pay my house off too asshole….this will get shot down by the supreme court again !!!

  2. Biden Administration Moves To Grant $39 Billion in Student Loan Breaks. So, your article infers the need for this bailout is because the Loan Servicers abused the regulations and now these people are eligible for forgiveness.
    Does Biden have actions with penalties in motion against those loan servicer companies for the errors they made over time? Or do they get to walk away free as birds? Bob

  3. So unfair to those of us who paid our own college debts. Also unfair to other honest, responsible people who don’t mooch off of others and expect them to pay their bills. This creates an expectation that someone else will always pay the bill, instead of teaching personal responsibility. I paid my college debts and shouldn’t have to pay for someone else’s debt. So wrong every way you look at it

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