Biden-Harris Administration Announces $12 Billion in Student Loan Forgiveness for 153,000 Borrowers
Landmark Decision Benefits Millions of Americans
Today, the Biden-Harris Administration announced a groundbreaking move to discharge $12 billion in student loans for approximately 153,000 borrowers. This historic action will provide much-needed relief to countless Americans struggling under the weight of student debt.
Automatic Discharge for Defrauded Borrowers
The automatic discharge will apply to borrowers who attended institutions that engaged in deceptive or predatory practices, known as borrower defense to repayment claims. These claims have been filed by students who believe they were misled or defrauded by their schools.
Vice President Kamala Harris and President Joe Biden stressed the importance of holding accountable those who engage in these unethical practices. Harris stated, "This announcement represents a significant step towards ensuring that students are not taken advantage of by institutions that fail to meet their obligations."
This latest initiative is part of the Biden-Harris Administration's ongoing efforts to address the student debt crisis in America. To date, the Administration has approved nearly $138 billion in student debt cancellation for almost 39 million borrowers, bringing the total amount of forgiveness approved to $153 billion for 475 million Americans.
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