Biden Admin Has Forgiven $127 Billion Student Loan Debt; Relief Options, What To Know
CNBC/MSN, Oct. 29, 2023. 
- President Joe Biden has managed to cancel $127 billion in student debt so far, more than any other president in history.
- Consumer advocates praise the president for his actions but are pressuring him to do more.
- Here's what to know about those relief options he has utilized.
President Joe Biden's plans to cancel up to $400 billion in student debt for tens of millions of Americans were foiled over the summer at the Supreme Court. Still, Biden has managed to erase $127 billion in student debt so far for more than 3.5 million borrowers — more than any other president.
His administration has used existing programs that were previously hard to access for many borrowers to deliver that relief. - Income-driven repayment plans, which date back to 1994, allow student loan borrowers to pay a share of their earnings toward their debt each month, and to get any remaining debt forgiven after a set period. There are four different plans.
Yet, many borrowers paid into the system for years without getting that promised cancellation, said higher education expert Mark Kantrowitz. "The loan servicers weren't keeping track of the number of qualifying payments," Kantrowitz said...
https://www.msn.com/en-us/money/careersandeducation/biden-administration-has-forgiven-127-billion-in-student-debt-what-to-know-about-the-relief-options/ar-AA1j2lIC
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