President Biden is canceling $5.8 billion in student loan debt for more than 300,000 severely disabled people


#Roommates, it seems like ever since President Joe Biden was elected, many of his supporters have been concerned about wiping out Student loan debt, It seems that the time has finally arrived. It has just been announced that President Biden will cancel nearly $6 billion in student loan debt for more than 300,000 severely disabled people.

For 323,000 people, their financial burden is Student loan debt It is about to become a thing of the past, because the Biden administration officially announced that it will automatically cancel the $5.8 billion student loan debt for people with severe disabilities. @APNews reports that student loan debt will be terminated through the Total and Permanent Disability (TPD) Discharge Program. According to the terms of the plan, persons with disabilities who “cannot maintain a large number of paid jobs due to physical or mental illness” will be exempted from their student loan debts.

Debt settlement will begin in September, because all Americans who are determined to be permanently disabled based on Social Security records will be exempt from any payments owed to student loans. Eligible people will receive the approval notice before the end of 2021 and pay off their debts. In a statement on this historic decision, Education Minister Miguel Cardona said: “We have heard loud and clear voices from borrowers with disabilities and support the need for this change. , We are very happy to be able to persevere.”

At the same time, the bigger question in the minds of many people is when everyone’s student debt will be forgiven—this is a question that President Biden has repeatedly asked the education and justice departments to assess its legitimacy. In response to questions about large-scale student debt relief, Cardona said these conversations are “still ongoing.” He also added that the Ministry of Education is currently working to improve other debt relief programs for specific groups.

“This is to show that we are working hard to improve targeted loan relief and help our borrowers,” he said.

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