President Joe Biden continues his efforts to cancel student debt nationally, with a cancellation that will affect 160,000 people, including teachers, nurses, law enforcement officials, and many who qualified for the administration’s “SAVE plan.”
President Joe Biden continues to deliver loan justice for defrauded students. This time, it is The Art Institutes, a private art school system that shut down last year. President Biden said, in a statement, “This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies.” The relief averages around $19,000 per borrower. This latest round of student loan forgiveness brings the total approved by the Biden Administration to almost $160 billion for nearly 4.6 million borrowers, an average of nearly $35,000 per student.
President Joe Biden continues to forgive loans whose programs have taken advantage of borrowers by their unfair terms. The recipients of these forgiveness programs are lower income borrowers, people who have made at least 10 years of payments if they originally took out $12,000 or less in loans to pay for college, public servants like teachers and government employees, and over 65,000 people who met the terms of their loans, only to find themselves still in debt. After the Supreme Court blocked President Biden’s forgiveness of $400 billion in loans, the Biden administration continues to attack the problem piecemeal. Thus far, Biden has forgiven over 4.3 million student borrowers and a total debt of $153 billion, and counting.
President Joe Biden, through executive actions, has thus far cancelled $138 billion in student loan debt. This affects 3.7 million borrowers. Included are:
Within 60 days of taking office, President Joe Biden signed into law The American Rescue Plan.
Among the many important provisions it contains are:
