Biden Announces $50 Billion Student Loan Forgiveness Expansion
President Biden has announced a $50 billion expansion of student loan forgiveness programs, targeting borrowers who have been paying for 20+ years and those in public service. The move is expected to eliminate debt for 2 million additional borrowers.
Student loan relief expanded
New Programs
The expansion includes automatic forgiveness for borrowers with 20+ years of payments, accelerated Public Service Loan Forgiveness for teachers and healthcare workers, and income-driven repayment reforms.
Beneficiaries
An estimated 2 million borrowers will see complete loan forgiveness. Another 10 million will benefit from reduced payments under reformed income-driven plans. Average relief per borrower is $25,000.
Legal Challenges
Republican attorneys general have announced plans to challenge the expansion in court. The administration argues it has clear authority under existing student loan statutes.
Biden unveils $50B student loan relief, forgiving debt for 2M and lowering payments for 10M borrowers.
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