NJ Spotlight News
$39 billion student loan debt forgiveness announced
Clip: 7/14/2023 | 49sVideo has Closed Captions
U.S. Supreme Court struck down previous debt forgiveness plan
On Friday, the Biden administration forgave $39 billion in student loan debt for more than 800,000 Americans. Unlike the administration’s debt forgiveness plan that was recently struck down by the U.S. Supreme Court, the new program would fix mistakes made by lenders, according to U.S. Secretary of Education Miguel Cardona.
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS
NJ Spotlight News
$39 billion student loan debt forgiveness announced
Clip: 7/14/2023 | 49sVideo has Closed Captions
On Friday, the Biden administration forgave $39 billion in student loan debt for more than 800,000 Americans. Unlike the administration’s debt forgiveness plan that was recently struck down by the U.S. Supreme Court, the new program would fix mistakes made by lenders, according to U.S. Secretary of Education Miguel Cardona.
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Learn Moreabout PBS online sponsorshipThe fight for student loan debt relief is far from over for President Biden.
Today, he forgave $39 billion of debt for more than 800,000 people.
But unlike Biden's debt forgiveness plan that was recently struck down by the U.S. Supreme Court.
This program would fix mistakes made by lenders.
According to the U.S. Secretary of Education, Miguel Cardona.
He says borrowers have slipped through the cracks where loan payments they've made were never counted toward their total debt reduction.
And this change would correct that.
And under a new income based repayment option offered by the administration, student loan debt will automatically be forgiven after 20 to 25 years of payments.
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS