Biden Administration announces debt relief for 40,000 student loan borrowersThe Biden Administration announced this week that it is taking action to provide debt relief for some 40,000 student loan borrowers who qualify for income driven repayment programs.The announcement noted the following changes for federal student loan borrowers:Forbearance Steering:Conducting a one-time account adjustment to count certain long-term forbearances toward IDR and PSLF forgivenessIncreasing oversight of servicers’ forbearance useIDR Fixes:Conduct a one-time revision of IDR payments to address past inaccuraciesPermanently fix IDR payment counting by reforming FSA’s IDR trackingThese two changes are expected to immediately impact 40,000 borrowers.Upon learning of the announcement, Senate leaders who have been working on student loan issues issued a statement applauding the move. The Senators involved include Sen. Sherrod Brown of Ohio, Sen. Elizabeth Warren of Massachusetts, and Sen. Dick Durbin of Illinois. “This is an important step to ensure the effectiveness of our student loan cancellation programs and to enable low-income borrowers to eliminate their debt<\/p>\n","protected":false},"excerpt":{"rendered":"
Biden Administration announces debt relief for 40,000 student loan borrowers. The Biden Administration announced this week that it is taking action to provide debt relief for some 40,000 student loan<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-158343","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/158343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=158343"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/158343\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=158343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=158343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=158343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}