What Are The New Options For Student Loan Cancellation?
October 9, 2023
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20:51Now PlayingWhat Are The New Options For Student Loan Cancellation?
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as posted by the channelDid you know there may still be a way to relieve your student debt?
On Inauguration Day, President Joe Biden orders the student loan payment pause extended through September 30, 2021. After pushing the pause several times after that. Dark Brandon finally did the right thing and cancelled student debt, $10,000 of it for most people, in a sweeping order.
About a year ago, that executive order changed the lives of 43 million borrowers, and cancelled the remaining balance of debt for roughly 20 million borrowers. As the total cost of college has nearly tripled since 1980, the average federal student loan debt has risen to $37,338 per borrower, including many of those who didn’t even get to finish their degree.
Borrowers got to breathe a sigh of relief, that was until the Supreme Court cancelled the cancellation earlier this summer in June. Justice Roberts poked holes in Biden’s use of the HEROES Act which gives the secretary of education the power to provide relief to borrowers during a national emergency. However, now Biden’s administration is trying to fight back, at least a little, before 2024.
With payments resumed this month after three years of pause, borrowers should explore their options such as Biden’s SAVE plan, in which those earning very little money could owe as little as $0 month. Additionally, we spoke with the press secretary of The Debt Collective about their new student debt release tool.
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