Economy
Related: About this forum813,000 student-loan borrowers are now getting emails that their loans are wiped out following Biden's recent reforms
Source: Insider
813,000 student-loan borrowers are now getting emails that their loans are wiped out following Biden's recent reforms
Ayelet Sheffey
Tue, November 28, 2023 at 2:55 PM EST·3 min read
The White House said 813,000 student-loan borrowers are getting emails their loans have been wiped out.
It's a result of account adjustments to ensure all borrowers' payments are accounted for.
This relief comes just months after borrowers resumed federal payments after the pandemic pause.
Check your email: thousands more student-loan borrowers are starting to receive notices that their balances have been reduced to zero.
On Tuesday, the White House announced that about 813,000 borrowers will start to receive an email from President Joe Biden informing them that their loans have been forgiven due to the Education Department's one-time account adjustment to evaluate which borrowers have met the qualifying payment threshold on their repayment plan.
A White House official said that the ongoing relief borrowers are seeing comes on the heels of many borrowers not getting proper credit toward payments made on income-driven repayment plans, which are intended to give borrowers payments based on their income with the promise of forgiveness after 20 or 25 years.
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Read more: https://news.yahoo.com/813-000-student-loan-borrowers-195528068.html
Vogon_Glory
(9,590 posts)right-wing whackastanis are pitching fits. Its good for the country, even if more than a few of those who had their debt burdens eased are still likely to vote for TFG.
In the meantime, shed a tear for Betsy DeVos and other members of Club Pachyderm who oppose debt relief. :
Lovie777
(15,130 posts)gryan
(3 posts)Just received the email...3 months ago I checked my student loan balance and it was at '$0.00' I assumed it was too good to be true and was waiting for the next shoe to drop, however receiving that email today had this 65 year old man close to tears. Thanks President Biden!!! I'm embarrassed to admit how much student loan debt I had accumulated over the years (undergrad, grad etc.) but thanks to this administration I will now be able to retire. I'm celebrating with a New Glarus Fat Squirrel beer right now...I'm freaking overjoyed. By the way for those who are anti student debt relief my loans were never in default, never a late payment...had a few forebearances etc...but 30 years of payment should be long enough.
Rhiannon12866
(223,337 posts)And welcome to DU!