What you need to know about Biden’s student loan forgiveness plan | World News,The Indian Express
Here are some questions you may have about the cancellation program with answers from the White House, the Department of Education and student loan servicers.
Friday, Aug 26, 2022
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HomeWorldWhat you need to know about Biden’s student loan forgiveness plan
What you need to know about Biden’s student loan forgiveness plan
Here are some questions you may have about the cancellation program with answers from the White House, the Department of Education and student loan servicers.
By: New York Times
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August 25, 2022 2:53:26 pm
US President Joe Biden announced that the federal government would cancel up to $20,000 worth of federal student loans for millions of people. (AP, file)Written by Ron Lieber and Tara Siegel Bernard
US President Joe Biden on Wednesday announced that the federal government would cancel up to $20,000 worth of federal student loans for millions of people. But not everyone with debt will qualify.
The action includes rules that will maintain the balances of debtors who currently have high incomes. Those who do qualify will need to navigate the balky federal loan servicing system and keep a close eye on their accounts and credit reports for any mistakes.
It also extends the pause on monthly student loan payments, which means that borrowers won’t have to resume payments until at least January, and provides details on a new proposal to create a more affordable income-driven repayment plan.
What follows are questions you may have about the cancellation program with answers from the White House, the Department of Education and student loan servicers.
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