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Biden Admin Forgives $39 Billion in Student Loan Debt

The Biden administration announced Friday that it will forgive $39 billion in student loans for over 800,000 borrowers.

The Details: The administration said the forgiveness is the result of fixes that more accurately count monthly payments under existing income-driven repayment plans. Errors miscounted qualifying payments made by borrowers, according to the Department of Education. Affected borrowers include Americans with Direct Loans or Federal Family Education Loans held by the department.

Key Quotes: "For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness," Education Secretary Miguel Cardona said in a written statement.

For Context: After the Supreme Court struck down the Biden administration's major student loan forgiveness plan, the president said he'd turn to other means to follow through on his campaign promise of canceling student debt.

How the Media Covered It: CNN Business (Lean Left bias) said Biden "continues efforts that have already resulted in more debt being canceled during his tenure than any other president." Fox Business (Lean Right) mentioned that the relief plan struck down by the Supreme Court "was expected to cost the government more than $400 billion." Most left- and center-rated outlets didn't mention that.

Posted on 14 Jul 2023 14:51 link