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Student Loans
Together with past actions, the administration estimates it will provide relief to 30 million Americans.
The first round of forgiveness under the new plan will clear $1.2 billion in loans.
Loan cancellation was originally set to begin in July under the new SAVE repayment plan, but its being accelerated to provide faster relief to borrowers, President Joe Biden said.
The Department of Education is floating a new, narrower plan to relieve student debt.
WHAT'S HAPPENING
Student loan payment are resuming this month after a three-year pause.
Borrowers are expected to resume repayments on Oct. 1. A government shutdown could affect that but not in the way you think.
Student loan forbearance is ending now, but you may qualify for the president's new plan that could reduce your payments and maybe even forgive your loans.
The approval covers more than 2,300 student borrowers who attended the college between March 2009 and April 2020.
As you contemplate going into debt in pursuit of education, keep this advice in mind.
It is more expensive than ever before to pursue a higher education, but planning ahead and making strategic decisions can ease the economic burden on your family.
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