Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then.
The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years.
These programs are separate from the rejected forgiveness plan, which would have canceled about $430 billion of the $1.6 trillion of outstanding federal student loan debt all at one time.
The Biden administration has been granting student loan forgiveness through these existing programs on a rolling basis since coming into office and has discharged a total of $127 billion for nearly 3.6 million people to date.
Yes but the PSLF had an abysmal approval percentage up until Biden. The department of education did everything to deny, deny deny.
And the loan agencies certainly don’t want you to know about it either! Mine played dumb until I cited the section about my job, then suddenly it was “Oh that, right! We’ll get you set right up!”
My last payment is next year and I just can’t wait to see what they’ve fucked up because of covid…
