AssetID: 52899633
Headline: UNCAPTIONED: Biden Forgives $39 Billion in Student Debt
Caption: Biden Forgives $39 Billion in Student Debt. The Biden administration made the announcement on July 14, CNBC reports. The debt of 804,000 borrowers totaling $39 billion will be automatically forgiven. The relief comes as income-driven repayment plans have been adjusted. Borrowers enrolled in those plans are eligible to have any remaining debt canceled after they've made on-time payments for 20-25 years. But the Biden administration says that many of those borrowers' payments weren't accounted for. "For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness." Miguel Cardona, U.S. Secretary of Education, via statement. In order to get borrowers to qualify for forgiveness, the Biden administration included partial and late payments, as well as payments that were once paused due to deferments and forbearances. The move comes after the Supreme Court denied President Biden's federal student loan forgiveness plan. Under that plan, 37 million people would have had student debt relief. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Joe Biden,United States,Administration,Student debt,CNBC reports,Announcement,Forgiven,Automatically,Plans,Payments,Canceled,Supreme Court,Denied
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