President Biden Has Cancelled $15 Billion Of Student Loans In His First Year In Office – We at BCNN1 say keep on going and cancel all student loan debt considering the present situation and the power you have to do so

Yes, President Joe Biden has cancelled $15 billion of student loans.

Here’s what you need to know — and what it means for your student loans.

Student Loans

For all the criticism about no wide-scale student loan cancellation, it’s important to note that Biden has cancelled $15 billion of student loans during his first year in office. That’s more than any other president, and more than 675,000 student loan borrowers have benefitted. Here is the breakdown:

  • Borower Defense To Repayment: $1.5 billion
  • Total and Permanent Disability: $7 billion
  • ITT Tech Students: $1.3 billion
  • Public Service Loan Forgiveness: $5 billion

This is only the beginning. Student loan borrowers can expect additional student loan cancellation at least through public service loan forgiveness, total and permanent disability and borrower defense to repayment, among other options.

Student loan relief brings more student loan cancellation

The $15 billion of student loan cancellation doesn’t even include billions of dollars more of student loan forgiveness that Biden, former President Donald Trump and Congress provided through student loan relief. Congress passed the Cares Act, the $2.2 trillion stimulus package, in March 2020. That stimulus package provided record student loan relief, including temporary student loan forbearance, no new interest on federal student loans, and no collection of student loans in default. Since March 2020, student loan borrowers have been able to “count” non-payments of student loans each month toward student loan forgiveness programs such as income-driven repayment and public service loan forgiveness. Biden has extended student loan relief three times since becoming president. (Student loan borrowers will get $15 billion of student loan cancellation). In aggregate, the U.S. Department of Education estimates that student loan borrowers collectively have saved $5 billion each month as a result of student loan relief. When federal student loan payments restart on May 1, 2022, student loan borrowers will have saved more than $120 billion in student loan interest.

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SOURCE: Forbes – Zack Friedman