Biden administration cancels $1.2 billion in student loans six months ahead of schedule

The Biden administration said it will begin notifying around 153,000 borrowers on Wednesday that their student loans have been canceled as part of a new repayment plan that's taking effect nearly six months ahead of schedule.

Loan forgiveness was originally set to begin in July under the new SAVE repayment plan, but it was accelerated to provide faster relief to borrowers, President Joe Biden announced last month. It’s part of an effort “to act as quickly as possible to give more borrowers breathing room” and move on from their student debt, the Democratic president said in a statement.

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[nou]

What an absolute joke of an administration

[johntrunkey]

didn't the supreme court rule against this crap?

[harrisonbergeron]

Not to long ago this would be called exactly what it is Bribery.

[beach_wander]

He does NOT have the authority to do this.

[patriotusa]

Another stupid decision by Obiben. Teaching students that you don't have to pay your debts.

[normanfletcher]

I'm a Senior nearing the end, why isn't my loan's paid off ????

[jeananderson]

SO DOES MY SON GET REIMBURSED FOR PAYING HIS OFF LAST YEAR?

[joelmclean]

Huh. the last time I checked, to get a student loan, you have to sign a contract that outlines all the rules of that loan. How does the POTUS have the Constitutional right to violate all those contracts?

[chriscrawford]

Everyone should refuse to file their income taxes this year! They can’t come after all of us!

[chegadesuade]

Great idea, pitting the working class against the bourgeoisie. Why should a manual laborer's taxes go towards paying off the student loans of someone who grew up more privileged than they did? It's ridiculous and wrong.

[RCenal]

How about he cancel some mortgage loans

[joegibson]

Almost 2 trillion in lunch, lattes, clothes, cars and “next round on me, bro.”

[hambino]

Obama's 3rd term is a nightmare 😂

[anance]

Glad I paid all mine back..Insane. Now get pay everyone's..Buy the SHEEP!!!!

[John-kld]

I'd like my refund back for a loan that I paid back some thirty years ago. How bout it Joe

[mikekay]

Those who didn't go to college paying for those who did. Awesome.

[daveshearer]

A kind of sounds like somebody is desperate to get re-elected.

[brianw]

Wait, didn't they just go after Trump for paying off his loans in New York? Now, this group doesn't have to pay their loans at all?

[Dead_Again]

It has that feeling of Reparations-Lite.

[considerflossing]

This is for people who have already paid off the original amount of their loans but are now stuck paying intrest. It is not everybody only 153, 000 people.