More than 804,000 student loan borrowers will have their debt cleared in the coming weeks, eliminating more than $39 billion worth of payments due to a fix to income-driven repayment plans. The move comes roughly two weeks after the Supreme Court shot down Biden’s program.“You can’t have an executive that just decides — because of politics — ‘Well, I’m just going to do this,’” Donalds told the Washington Examiner. “What Joe Biden is doing is dictatorial.
The congressman also shared his thoughts on how student loan forgiveness will impact the economy, saying there is “no incentive” for borrowers to fulfill their fiduciary duty. The relief will come via adjustments to the income-driven repayment plans by the Department of Education. The Biden administration now says it will count payments for borrowers who made partial or late payments, or deferred payments.
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Biden administration will forgive $39 billion in student debtThe Biden administration reveals plan to forgive $39 billion in student debt for 804,000 borrowers
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