Democrat President Joe Biden’s administration has announced that another $9 billion in taxpayer money will be used to wipe the student debts of around 125,000 college-educated voters.
The Biden admin made the announcement in a Wednesday press release.
In June, the U.S. Supreme Court ruled 6-3 in June that the Biden administration could not cancel student loan debt for non-Pell Grant and Pell Grant recipients.
Soon after on June 30, the Department of Education (ED) announced plans to expand income-driven repayment plans.
The plans would cut payments for those making $32,800 or less annually to $0.
The move potentially costs American taxpayers hundreds of billions.
Now, the Biden administration has announced a new plan that will add $9 billion in student loan relief.
According to an ED press release, the tax dollar-funded relief will come through additional forgiveness and income-driven repayment programs.
The White House said in a press statement:
“President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families.
“That’s why from day one, his Administration has taken unprecedented steps to fix the broken student loan system, make college more affordable, and bring the promise of higher education in reach for more Americans.”
The program will relieve about $5.2 billion for 53,000 borrowers through Public Service Loan Forgiveness programs, according to the White House press release.
Nearly $2.8 billion will be used for almost 51,000 borrowers through fixes to income-driven repayment plans.
$1.2 billion will go to about 22,000 borrowers who have a disability.
President Biden is formally announcing the move at the White House on Wednesday, according to The Associated Press.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this Administration’s relentless efforts to fix the broken student loan system,” U.S. Secretary of Education Miguel Cardona said in the ED press release.
The Biden administration has approved $127 billion in student debt cancellation for nearly 3.6 million borrowers, according to the White House press release.
It has forgiven nearly $42 billion for about 855,000 borrowers through income-driven repayment, nearly $51 billion for 715,000 through the Public Service Loan Forgiveness programs, and $11.7 billion for nearly 513,000 borrowers with disabilities.
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