President Joe Biden’s administration continues to push forward with student loan forgiveness as it starts sending emails to borrowers.
These emails are alerting holders of federal student loans about options available to them. The administration is expecting new rules to expand the reach of the student loan forgiveness plan to as many as 30 million borrowers.
Here’s an official statement from U.S. Secretary of Education Miguel Cardona concerning the student loan forgiveness program:
“These latest steps will mark the next milestone in our efforts to help millions of borrowers who’ve been buried under a mountain of student loan interest, or who took on debt to pay for college programs that left them worse off financially, those who have been paying their loans for twenty or more years, and many others.”
Who Is Eligible for Student Loan Forgiveness?
The plan allows several situations where student loans can be forgiven. A few examples include the following.
- Borrowers who owe more now than they did at the start of repayment.
- Borrowers who have been in repayment for decades.
- Borrowers who are “otherwise eligible for loan forgiveness but have not yet applied.”
- Borrowers who enrolled in “low-financial value programs.”
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
