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President Joe Biden Announces $9 Billion in Student Debt Relief

President Joe Biden made a significant move today by eliminating an additional $9 billion in student loan debt. Since taking office, his administration has successfully discharged a total of $127 billion in student loan debt, benefiting over 3.5 million borrowers across the nation.

The discharged debt encompasses various categories, including:

1. Public Service Loan Forgiveness (PSLF): $51 billion for 715,000 borrowers

The PSLF program offers loan forgiveness to professionals working in public service positions, such as teachers, nurses, doctors, lawyers, and others employed by federal, state, local, or specific nonprofit organizations. This latest announcement allocates $5.2 billion for 53,000 PSLF borrowers, ensuring that their remaining loan balances are discharged.

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2. Permanent Disability Discharges: $11.7 billion for over 513,000 borrowers

Borrowers with total and permanent disabilities are also eligible for student loan debt discharges. Veterans with 100% disability connected to military service or those with serious disabilities receiving Social Security benefits can access this program. The $2.8 billion allocated in this announcement will benefit approximately 22,000 borrowers with total or permanent disabilities.

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3. One-Time Income-Driven Repayment Adjustment: $42 billion for 855,000 borrowers

The one-time income-driven repayment adjustment aims to help borrowers under income-driven repayment plans. This adjustment, amounting to over $42 billion, covers previously ineligible months for student loan forgiveness. It addresses the discrepancies caused by loan servicers, allowing borrowers to reverse the negative impact caused by improper tracking of deferments or incorrect guidance towards forbearance.

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4. Debt Relief for Defrauded Borrowers: $22.5 billion for over 1.3 million borrowers

Furthermore, the Education Department’s announcement includes $22.5 billion for more than 1.3 million defrauded borrowers. These borrowers, who attended closed schools or were misled by educational institutions, can now qualify for discharge under the “closed school loan discharge” and “borrower loan defense discharge” programs.

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This recent announcement comes as borrowers resume loan repayments after a three-year pandemic forbearance pause. US Secretary of Education, Miguel Cardona, expressed the administration’s commitment to shielding students from unaffordable debt and ensuring that investments in higher education provide optimal value for students and their families.

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