By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > Biden administration to cancel $39 billion in student debt
Finance

Biden administration to cancel $39 billion in student debt

News Room
Last updated: 2023/07/14 at 10:35 AM
By News Room
Share
1 Min Read
SHARE

Hundreds of thousands of borrowers who have been paying their student loans for decades will have their debt canceled, the Biden administration announced Friday. 

More than 804,000 borrowers will be impacted by the $39 billion in student-debt relief, officials said Friday. 

The announcement comes after years of concern from borrowers and advocates that borrowers would pay their student loans for decades, despite programs that allow borrowers to have their debt forgiven after 20 or 25 years of monthly payments. The Department of Education announced last year that it would review borrowers’ accounts for periods that should have been counted as progress toward forgiveness, but often weren’t due to servicer practices.

Borrowers who are eligible for relief are those that the agency determined have at least 20 years of qualifying payments.

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Miguel Cardona, the Secretary of Education, said in a statement announcing the relief. “By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve.” 

Read the full article here

News Room July 14, 2023 July 14, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Investors pile into tokenised Treasury funds

Crypto companies and traders are pouring billions of dollars into tokenised versions…

Liechtenstein hit by Russia-linked ‘zombie trust’ crisis

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

BlackRock tried private credit once before. Will this time be better?

Seven years after BlackRock’s last big foray into private credit, last week…

The global economy is suffering from the Rashomon effect

I have marvelled over the past few years, and continue to marvel,…

Hong Kong listings pipeline hits record high as equity market booms

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?