Biden Plan Cuts Student Loan Payments for Millions to $0

Biden's Plan Cuts Student Loan Payments for Millions to $0. Here's What Could Happen NextWASHINGTON — The Biden administration calls it a “student loan safety net.” Opponents call it a backdoor attempt to make college free. And it could be the next battleground in the legal fight over student loan relief.

Republicans have fought against the plan, saying it oversteps the president’s authority. Sen. Bill Cassidy, the ranking Republican on the Health, Education, Labor, and Pensions Committee, called it “deeply unfair” to the 87% of Americans who don’t have student loans. Borrowers will be able to apply later this summer, but some of the changes will be phased in over time.

It will be available to all borrowers in the Direct Loan Program who are in good standing on their loans.The administration announced last year it would make fixes to correct mistakes in tracking payments that qualify toward forgiveness under income-driven repayment plans. As a result, the education department said Friday, it will wipe out $39 billion in debt held by more than 800,000 borrowers

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