New US Ambassador to Israel Mike Huckabee discusses President Biden’s upcoming foreign policy speech in “The Bottom Line.”
President Biden Student loan approval for more than 150,000 people was announced Monday, as the White House announced a total of more than 5 million recipients over the president’s term.
Just one week before taking office, Biden said his administration “took historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country.”
“These 150,000 borrowers include: approximately 85,000 borrowers who attended schools that cheated and defrauded their students, 61,000 borrowers with total and permanent disabilities, and 6,100 public service employees,” Biden said in a statement.
Biden boasted that his administration also made a record payment for the maximum amount of Pell grants in the past 10 years.
Biden administration cancels course and reopens income-based student loan repayment programs
President Biden has made reducing student debt a priority during his administration. (Ron Sacks/Getty Images)
“I promised to make sure Higher education “It’s a ticket to the middle class, not a barrier to opportunity, and I’m proud to say we’ve forgiven more student loan debt than any other administration in history,” Biden said in the statement.
The Ministry of Education indicated that the latest step brings the total amount of grants provided by the administration to $183.6 billion.
Last month, two student loan repayment plans were reopened for registration by the Department of Education (DOE) after a federal court injunction against Biden administration Savings in Value Education (SAVE) program.
Supreme Court rules against Biden’s student loan debt prospectus
President Biden speaks during an event in Madison, Wisconsin on April 8, 2024. (Daniel Steinle/Bloomberg via Getty Images/Getty Images)
New enrollment in the Pay-as-You-Go (PAYE) and Income Conditional Repayment (ICR) programs was halted last summer in an attempt to phase them out and encourage borrowers to sign up for the Biden-Harris administration’s SAVE plan, but now people can sign up again.
The two restored plans provide credit for Public Service Loan Forgiveness and income-based repayment. The DOE said monthly payments are determined by the borrower’s income and family size and allow borrowers to obtain forgiveness after “extended periods of payment.”
Melissa Byrne, center, joins student loan borrowers to demand that President Biden use “Plan B” to immediately cancel student debt at a rally outside the United States Supreme Court on June 30, 2023 in Washington, D.C. (Paul Morigi/We The 45 Million/Getty Images)
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New PAYE and ICR registrations will be open until July 1, 2027, the Department of Energy said.
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