Tag: Student Loan Forgiveness

Biden’s Student Loan Forgiveness Plan Is Stalled, But There’s Another Way to Get Your Debt Erased

Biden’s Student Loan Forgiveness Plan Is Stalled, But There’s Another Way to Get Your Debt Erased

Conceptual image of a graduation mortar board cap on $100 bills representing the price of a college or university education Credit – Image via Getty Images/iStock photo Brian A Jackson
President Biden’s plan to forgive up to $20,000 in student loan debt for 40 million Americans is in limbo. It is being blocked for months or even permanently by conservative legal challenges. However, a different program that was introduced by the Department of Education could help up to 3.6 million borrowers pay off their student debt and forgive more than 40,000 Americans’ loans.

Federal Appeals Court Temporarily Blocks Biden’s Student Loan Forgiveness Plan

Federal Appeals Court Temporarily Blocks Biden’s Student Loan Forgiveness Plan

In August of this year, the government outlined a plan for student loan forgiveness that has had many financial aid borrowers optimistic about the potential of easing or in some cases erasing their debt. The application for this plan became available just last week, but now after the majority of qualifying borrowers have applied, the plan has been put on hold. This has many people nervous about the possibility of not receiving the much needed financial aid, and questioning the success of the plan. But rest assured, there appears to be a light at the end of the tunnel.

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