NJ Spotlight News
Biden announces new round of student debt relief
Clip: 10/4/2023 | 1m 10sVideo has Closed Captions
An additional 125,000 Americans approved for relief
President Joe Biden on Wednesday announced that an additional 125,000 Americans have been approved for $9 billion in student debt relief. This new student debt relief announcement will work through fixes from the Department of Education to income-driven repayment (IDR) and Public Service Loan Forgiveness, while granting automatic relief for borrowers with disabilities.
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS
NJ Spotlight News
Biden announces new round of student debt relief
Clip: 10/4/2023 | 1m 10sVideo has Closed Captions
President Joe Biden on Wednesday announced that an additional 125,000 Americans have been approved for $9 billion in student debt relief. This new student debt relief announcement will work through fixes from the Department of Education to income-driven repayment (IDR) and Public Service Loan Forgiveness, while granting automatic relief for borrowers with disabilities.
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Learn Moreabout PBS online sponsorshipThe Biden administration today said it will forgive $9 billion in student debt for about 125,000 Americans.
That's just as student loan repayments started up again this month following a three year pause.
The cancelations come through three different existing debt relief programs that have had glitches in the past.
The White House says this will help fix the broken student loan system.
So here's who qualifies.
About 53,000 borrowers who are in the public service loan forgiveness program, who've worked in qualifying public sector jobs and made ten years worth of monthly payments.
Another nearly 51,000 borrowers who have been in repayment for at least 20 years.
And 22,000 borrowers who have a total or permanent disability.
The Supreme Court in June struck down President Biden's plan to cancel up to $20,000 worth of debt for millions of low and middle income earners.
The administration says it's continuing to find other ways around that ruling
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS