The process is underway to wipe over a million in loans.
This week, the United States Department of Education announced that they are developing fixes to address the “longstanding failures” of the Public Service Loan Forgiveness Program and income-driven repayment plans, all in order to wipe out the longstanding, restrictive student loan debts that are affecting tens of thousands of working Americans.
The Education Department said on Tuesday it would use one-time waivers and adjustments to retroactively credit millions of borrowers with additional payments toward student loan forgiveness.https://t.co/IpXfBph2Yw
— The New York Times (@nytimes) April 19, 2022
“Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” US Secretary of Education Miguel Cardona said in a press release. “Today, the Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in IDR plans.”
“By identifying obstacles for borrowers and fixing them, we are giving borrowers the support they deserve and restoring faith in these programs, even as we fix the mistakes of the past,” Under Secretary of Education James Kvaal said in a press call. “We’re also focused on the future. The administration is developing a new repayment plan that will substantially reduce monthly payments for most borrowers.”
JUST IN: The U.S. Department of Education will retroactively help millions of federal student loan borrowers who have been hurt by its income-driven repayment plans.
At least 40,000 borrowers will see their debts cancelled as a result of the changes. https://t.co/EONaVwnIUV
— NPR (@NPR) April 19, 2022
If the PSLF can be successfully revamped, at least 40,000 Americans could see their student loan debts wiped out immediately, while at least 3.6 million more will receive a major boost toward paying back their existing balance.
Challenge Against Marjorie Taylor Greene to Proceed
New Google Badges Mark Safe Chrome Extensions
-
Prices dropped in Venezuela, Indonesia, Ecuador, Thailand, and more. Netflix has recently been feeling a major financial squeeze as...
-
The Rochester Regional Joint Board of Workers United filed a formal complaint against Tesla. Earlier this week, a group...
-
Uber is making a comeback from pandemic-era losses. This week, prominent ridesharing company Uber reported their earnings for the...
-
A strong Q4 report and new investments have GM on the right track. This morning, the largest automotive company...
-
The deal is rumored to amount to around $10 billion. This morning, Microsoft announced the latest development in its...
-
Cook’s target pay package will be dropped to $49 million. Tech giant Apple announced today that its CEO, Tim...
-
Even Amazon isn’t immune to the worsening economy. As the global economy remains in the grips of inflation and...
-
Economic woes are affecting the highest echelons of wealth. According to recent statistics released by Forbes, the world’s wealthiest...
-
The bank was fined for “widespread mismanagement” and “illegal activity,” according to the CFPB. Today, financial regulators from the...
-
Store employees are worried layoffs may follow a merger. Recently, two of the largest grocery supermarket chains in the...
-
Despite ongoing concerns, the US job market is moving in the right direction. The United States economy is still...
-
American Airlines will buy 20 supersonic planes from Boom. Recently, commercial air carrier American Airlines and supersonic aircraft manufacturer...