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The debt on some federal student loans may be forgiven, according to President Joe Biden.
This action would lessen the burden that the $1.6 trillion in federal student loan debt, which has increased by more than threefold over the past 15 years, is placing on the borrowers.
As a candidate, Biden had stated that he backed a plan for Congress to take action, but there has been no movement on that front.
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Biden Student Loan Debt
The Biden administration on Wednesday put up new regulations that would make it simpler for debtors to get their federal college debt erased through several active programs.
The initiative aims to restructure humanitarian programs that have come under fire for their onerous documentation requirements and protracted processing delays.
As President Biden examines greater student debt forgiveness, it builds on the administration’s initiatives to provide targeted debt cancellation for specific debtors.
Miguel Cardona, the secretary of education, stated in a statement, “We are committed to repairing a flawed system.”
“It shouldn’t need mounds of paperwork or a law degree to seek student loan relief if a person qualifies for it,” said one skeptic.
The idea would also streamline additional programs for borrowers who are disabled and those with careers in public service, as well as a debt forgiveness process for students whose universities defraud them.
It won’t likely make debt forgiveness available to enormous numbers of borrowers, but it is intended to make it simpler for those who already meet the requirements.
The guidelines will be finalized by the Education Department no later than July 1, 2023.
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