U.S. President Joe Biden plans to announce on Wednesday that his administration has approved an additional $9 billion in student debt relief for 125,000 borrowers, the White House said.

Biden has said he will pursue new measures to provide student loan relief to Americans after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.

The president’s announcement, planned for 1 p.m. EDT at the White House, will bring the total approved debt cancellation by the Biden administration to $127 billion for nearly 3.6 million Americans, the White House said.

  • RaoulDook@lemmy.world
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    1 year ago

    $9 billion for 125k borrowers is $72000 per borrower

    Would be nice if they would vanish the 40k in loans I have that I’ve been paying on since the Obama years. I’ve paid in far beyond the total amount I ever borrowed, while the compound interest just added it all back over the years. Progress has been very slow for me to pay that off, started payments with about 50k loans, after being ballooned up from the original principal from several years of economic hardship forbearance where the interest still gets capitalized.

    • mpa92643@lemmy.world
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      1 year ago

      You should look into the Income Driven Repayment plan: https://studentaid.gov/idr/

      It’s one of the new major programs from the Department of Education and can help a lot with reducing repayments while eventually being eligible for full forgiveness.

      • HurlingDurling@lemm.ee
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        1 year ago

        I filled out the application and both the payment and interest doubled for me, not sure where is the benefit here. Hell, maybe I lucked out with my 30 year loan

      • RaoulDook@lemmy.world
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        1 year ago

        That’s nice for those who it can help, but I don’t really need help making the payments. I’m just fed up with having to pay them at all since I’ve already paid back much more than I ever borrowed.

        • medgremlin@lemmy.sdf.org
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          1 year ago

          Biden’s new SAVE plan is set up so that any interest not covered by your IDR payment is not capitalized. It would probably also be worth your while to look into the forgiveness plans and terms because you might be able to reduce how much you owe based on previous payments.