$39B in student debt to be erased | LinkedIn
Vice President Kamala Harris released a statement regarding additional student loan forgiveness. She emphasized the commitment of President Joe Biden and herself to provide relief to borrowers burdened by student loan debt. Their goal is to assist individuals in moving forward with their lives, whether it involves starting a family, purchasing a home, or pursuing entrepreneurial endeavors.
The statement announces a significant step towards forgiveness, with $39 billion in student loan debt being forgiven for 804,000 borrowers. These borrowers have diligently paid down their debts for 20 years or more and should qualify for relief. However, some were improperly placed into forbearance by loan servicers, and others did not receive proper credit for their monthly payments.
Vice President Harris highlights her career-long dedication to addressing harmful practices and reducing student loan debt. During her time as California Attorney General, she successfully secured $1 billion for defrauded veterans and students by taking legal action against predatory for-profit colleges.
The statement also mentions President Biden’s recent announcement of pursuing an alternative path to provide relief through the Higher Education Act. Additionally, the administration has finalized a new income-driven repayment plan that will halve monthly payments for undergraduate loans.
Vice President Harris affirms that the administration will continue to fight for affordable postsecondary education, ensuring that Americans can access high-quality education without being burdened by unmanageable student loan debt.
In summary, the statement emphasizes the commitment of President Biden and Vice President Harris to alleviate the burden of student loan debt. They have taken significant steps towards forgiveness and plan to implement further measures to provide relief and make postsecondary education more affordable.
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