Make sure to check your email! About 153,000 individuals received texts from President Biden on Wednesday informing them that their student debts had been canceled. "A degree from college is still a route to a better life, but it is too expensive,” said Joe Biden.
The Biden administration's new SAVE plan qualified the debtors included in this round of forgiveness. All of them have been repaying their debts for a minimum of ten years, having borrowed no more than $12,000.
Biden said, "People, I am glad we were able to forgive these debts because it frees them up to pursue their ambitions when we realize and relieve Americans of their student debt."
The White House National Economic Council's deputy director is Jon Donenberg. According to him, the goal of the SAVE plan is to assist people who are most in need. According to Donenberg, "the scale of the debt load is gradually crushing a generation of Americans who are trying to start families, purchase houses, and truly start to construct that future."
All of this follows the Supreme Court's decision to strike down the Biden administration's first, more comprehensive scheme for forgiveness.
The president has since canceled student loan debt via a number of executive orders. According to his staff, around 3.9 million individuals have had their over $140 billion in debt cancelled thus far.
"We will not give up. Donenberg said, "The President is not giving up." "People are deserving of such alleviation,"
There are many Republicans who disagree. Sen. Marsha Blackburn (R-Tenn.) referred to it as a “move that circumvents the Supreme Court’s jurisdiction and damages American taxpayers” on the social networking platform X.
"There is no such thing as student debt "forgiveness,"" said Senator Tom Cotton (R-Ark.). All President Biden is doing is shifting the burden so that you and your children have to repay education debts that you never took out.
However, according to the Biden administration, more is still to come. Those who are qualified for debt forgiveness who have not signed up yet will get emails next week.
The Biden administration's new SAVE plan qualified the debtors included in this round of forgiveness. All of them have been repaying their debts for a minimum of ten years, having borrowed no more than $12,000.
Biden said, "People, I am glad we were able to forgive these debts because it frees them up to pursue their ambitions when we realize and relieve Americans of their student debt."
The White House National Economic Council's deputy director is Jon Donenberg. According to him, the goal of the SAVE plan is to assist people who are most in need. According to Donenberg, "the scale of the debt load is gradually crushing a generation of Americans who are trying to start families, purchase houses, and truly start to construct that future."
All of this follows the Supreme Court's decision to strike down the Biden administration's first, more comprehensive scheme for forgiveness.
The president has since canceled student loan debt via a number of executive orders. According to his staff, around 3.9 million individuals have had their over $140 billion in debt cancelled thus far.
"We will not give up. Donenberg said, "The President is not giving up." "People are deserving of such alleviation,"
There are many Republicans who disagree. Sen. Marsha Blackburn (R-Tenn.) referred to it as a “move that circumvents the Supreme Court’s jurisdiction and damages American taxpayers” on the social networking platform X.
"There is no such thing as student debt "forgiveness,"" said Senator Tom Cotton (R-Ark.). All President Biden is doing is shifting the burden so that you and your children have to repay education debts that you never took out.
However, according to the Biden administration, more is still to come. Those who are qualified for debt forgiveness who have not signed up yet will get emails next week.
