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Millions of US student loans may be forgiven

Millions of US student loans may be forgiven

The US Department of Education is ready to cancel student loan debt

. books interested in trade and the Politico.

According to an internal agency document obtained by Politico, senior administration officials have detailed plans to implement student loan forgiveness for millions of Americans. Officials expect the final decision in this regard from Joe Biden. The document discussed sets out a mechanism for the agency to resolve the massive debt forgiveness program. This move is unprecedented in the history of the Federal Student Loan Program.

Education Department officials are preparing to automatically grant debt relief to millions of borrowers, at least those about whom the agency already has information. Those for whom the department does not have data can indicate their eligibility for the discount on

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Under the plan, all types of federal student borrowers will be eligible for loan forgiveness, including Grad, Parent Plus, and federal individual-owned loans. The programs may extend to low-income borrowers who have some amount of credit debt.

According to Politico, Biden is considering an executive measure that would provide $10,000 in debt relief for each borrower. For now, the plan is only in the negotiation stage, as deliberations inside the White House could take months. For the first time in April, Joe Biden promised that a decision would be made on the issue in a few weeks, but that has been on hold since. According to the current situation, a decision can be made by the end of August.

In the ministry’s data, there is no indication what the final decision will be, and there is no information about how much money can be waived and how much income will be tied to the deduction. What is certain is that negotiations are underway and there are ideas that the administration is taking seriously. Information has been leaked that a senior White House official will limit the deduction to income below $125,000 for individuals and set a maximum of $250,000 for families (this is the annual income).

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According to the prime minister, the decision has been delayed for a long time due to There are many legal concerns that decision makers cannot agree on.

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