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Biden administration canceling student loans for another 160,000 borrowers (apnews.com)

submitted 5 months ago by [email protected] to c/[email protected]

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

Biden’s new payment plan, known as the SAVE Plan, offers a faster path to forgiveness than earlier versions. More people are now becoming eligible for loan cancellation as they hit 10 years of payments, a new finish line that’s a decade sooner than what borrowers faced in the past.

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[–] [email protected] 3 points 5 months ago

It's great that there's any form of cancellation at all. As a person struggling to find work in order to pay anything in the first place, let alone years of payments, I can't help but feel hopeless even in the face of positive action.