The Biden administration is canceling student loan debt for 804,000 borrowers who qualify under income-driven repayment plans but haven't received it because of errors

Starting Monday, hundreds of thousands of federal student loan borrowers will receive emails from their servicers with the subject line “Your student loans have been forgiven.”

The notices will come as part of the Biden administration’s previously announced efforts to cancel debt for 804,000 borrowers who qualify for relief under their repayment plans but haven’t yet received it because of what officials have called administrative failures.

  • Iridium@lemmy.world
    542·
    11 months ago

    Detractors like Republican Rep. Virginia Foxx, who is chairwoman of the House Education and Workforce Committee, have called the relief an abuse of taxpayer money.

    “The Biden administration’s blatantly political attempt to circumvent the Supreme Court is shameful. The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines," she said in a statement when the policy was announced last month.

    Her daughter owns Grandfather Mountain Nursery, which Virginia Foxx used to own with her husband from 1976-2004.

    Grandfather Mountain Nursery was forgiven $25,161 worth of PPP loans in December 2020.

    Obviously it’s not an “abuse of taxpayer money” when your own family and generational business can benefit from it.