, when loan repayments were set to resume after a series of pandemic pauses—is expected to alleviate some of the debt burdens of 43 million Americans while also fulfilling a key campaign promise.Approximately 20 million Americans could have their debt completely cancelled under Biden's announcement.
Critically, the Biden administration is taking steps to make the student loan system more manageable for future borrowers. "Extending the pause is really critical to actually delivering on cancellation and the other programs that reform the student loan system," Yu added.The Department of Education lacks income data for most Americans with student debt, so implementing the cancellation under the income cap means the agency will either have to ask borrowers to attest that they fall below the income limit or borrowers will have to apply — a process that could be lengthy.
Does the President have the authority to cancel or alter a financial contract a borrower has with the Government? Will the DOE overstep its authority at the direction of the President? Legality is questionable. Definitely will be making its way up the judiciary ladder.
Aren’t pell grants like free money for black people
Wow Biden must be a magician to make debt just disappear! Why didn’t he make all student debt disappear? maybe home loans or the deficit too Oh right he just passed the tab on to you and me, silly me
Holy Shit.... He's forgiving Pell Grant people who never finished.. So you get free money to go, you go and party and drop out and then he forgives that too. Guess he needed to get more poor people in the free giveaway pot so they don't get mad. WPEVER
Rofl . . . Democrats, helping those who VOLUNTEERED for debt . . . meanwhile . . . the party of 'health care' could give less than spit for those with emergency medical debt. Liberal logic
Who's paying the loans?
WHAT? PELL grants are just that ... grants.... No repayment
On what authority? Using federal money without congress is beyond impeachable
Ridiculous, pandering with our money
This is Biden paying for votes
He's trying to buy Democrat support.
Can we just call this for what it is; Democrats panic buying votes before the midterms and screw the consequences
The decision will: • Cancel up to $20k for Pell Grant recipients and up to $10k for borrowers who make under $125k •Extend the pause on repayments by 4 months • Cut monthly payments in half for future borrowers taking out undergraduate loans
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