Home Education Joe Biden cancels another $55 million of student loans

Joe Biden cancels another $55 million of student loans

by Meso Ejiofor
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Oyogist.com has learned that Joe Biden administration cancelled another $55 million of student loans.

This marked a total of $1.5 billion of student loans cancelled this way by his administration according to Forbes.

The US Department of Education this week announced that more students will get full student loan cancellation today.

With the student loan cancellation, Biden has now cancelled more than $1.5 billion of student loans due to borrower defence to repayment, which has helped 92,000 student loan borrowers.

This is the first time since 2017 that the Education Department has announced an approval of a borrower defence claim for students who attended an institution other than Corinthian Colleges, ITT Technical Institute or American Career Institute.

“Today’s announcement continues the U.S. Department of Education’s commitment to standing up for students whose colleges took advantage of them,” U.S. Secretary of Education Miguel Cardona said.

“The Department will continue doing its part to review and approve borrower defence claims quickly and fairly so that borrowers receive the relief that they need and deserve.

We also hope these approvals serve as a warning to any institution engaging in similar conduct that this type of misrepresentation is unacceptable.”

Since becoming president in January, Biden has now cancelled nearly $3 billion of student loans:

Biden cancelled $1 billion of student loans for 72,000 student loan borrowers.

Biden cancelled another $1.3 billion of student loans for 41,000 borrowers with total and permanent disability.

Biden granted student loan relief for 1.1 million student loan borrowers who defaulted on their FFELP Loans.

This week, Biden cancelled $500 million of student loan debt for 18,000 student loan borrowers under the borrower defence to student loan repayment rule.

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