Millions of student loan borrowers will receive $20,000 in debt relief under Biden’s new plan.
Student Loan Borrowers to Expect Debt Relief Under New Student Loan Forgiveness Plan
As part of the new student loan forgiveness plan for student loan borrowers, the Biden administration increased the amount to forgive student debt from $10,000 to $20,000 in debt relief.
According to the Biden administration, the new student loan forgiveness plan would relieve millions of student loan borrowers struggling to pay their debt.
However, the Supreme Court stopped the Biden administration from continuing the plan to increase debt relief for millions of student loan borrowers when various individuals, who claimed the plan would only negatively affect their companies, filed lawsuits.
READ ALSO: Over $42 Billion In Student Loan Forgiveness Approved In The US As Public Service Workers Benefit
Biden’s New Plan to Provide Higher Relief to Student Loan Borrowers Receives Criticism
The Biden administration’s new student loan forgiveness plan to increase the debt relief provided to several student loan borrowers received mixed reactions and criticism, CNBC reported.
A Harvard economics professor claimed that the student loan forgiveness plan fails to differentiate which student loan borrowers are in need because there are wealthy students and graduates who are included in the plan.
The Biden administration is currently taking action to solve the lawsuits opposing the new forgiveness plan to relieve student loan borrowers as soon as possible.