President Joe Biden is announcing another round of discharges of old, underperforming, and otherwise distressed loans from the U.S. Department of Education's student debt portfolio.
A total of 21,280 more Floridians will get forgiveness, which adds up to a total of $9.1 billion in write-offs for 180,130 people in Florida who have been suffering for years under the burden of compound interest on decisions they made while they were younger.
"Today, my Administration is cancelling student debt for 277,000 more people, bringing the total number of Americans who have been approved for debt relief so far under my Administration to 4.3 million borrowers through various actions," Biden said in a written statement, citing the national number in this round of discharges.
"These 277,000 borrowers are enrolled in my Administration's SAVE Plan, or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness."
Florida GOP leaders oppose what they call student loan bailouts.
Attorney General Ashley Moody joined Missouri v. Biden, which targets the "SAVE" Plan. The proposal offers benefits for borrowers that include the elimination of "100% of remaining monthly interest for both subsidized and unsubsidized loans."
"We will fight in court to make sure that hard-working Americans, who are struggling to buy groceries thanks to Biden, are not on the hook for other people's debt," the second-term Republican from Plant City pledged.
Gov. Ron DeSantis has said Biden's student loan scheme is a ploy to buy votes, saying that people are getting write-offs for allegedly frivolous pursuits like sociology degrees.
Per the White House, "the 21,280 borrowers in Florida receiving this latest round of debt relief are borrowers enrolled in the SAVE Plan who took out low balances of loans, other borrowers who enrolled in Income-Driven Repayment plans but never got the relief they were entitled to because of past administrative failures, and borrowers who received Public Service Loan Forgiveness."
The administration "has approved $407 million in debt cancellation for 29,490 people in Florida through SAVE early loan forgiveness ... $3.8 billion in debt cancellation for 70,050 people in Florida through fixes to other Income-Driven Repayment plans ... $4.0 billion in debt cancellation for 48,770 public service workers in Florida ... (and) $885 million in debt cancellation for 31,820 people in Florida with a total and permanent disability."
All told, the White House "has approved $9.1 billion in debt cancellation for 180,130 people in Florida," per Friday's release.
No comments:
Post a Comment