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More Student Debt Cancellation Announced

student loan debt relief written in notebook sitting on desk

1 minute read

On April 12, 2024, President Joe Biden announced that an additional 277,000 Americans would see their student debt of a combined $7.4 billion canceled. The Biden-Harris administration has now provided debt relief to 4.3 million Americans, equating to approximately 10% of all individuals burdened with student loan debt, totaling about $153 billion.

The recent wave of debt forgiveness has made a significant impact on numerous Americans, particularly those enrolled in the Saving on a Valuable Education (SAVE) repayment plan. This income-driven program adjusts monthly payments based on the borrower's income, alleviating financial burdens. Furthermore, this debt relief extends to participants in other income-driven repayment schemes, including the Public Service Loan Forgiveness (PSLF) plans. Eligible borrowers should have already been notified about the discharge of their loans through email communication.

 

What’s Next?

Borrowers impacted by this debt forgiveness can contact their loan servicer to confirm eligibility for relief. Visit the U.S. Department of Education's website to sign up for updates on student debt relief. Download the bulletin for more details.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Erin Woulfe

Erin Woulfe

Erin Woulfe likes to write about things that matter. Keeping her finger on the pulse of what’s happening in the public sector world, she blogs about the latest legislative news and employee benefit trends that affect our school, city and county clients. She’s been with NIS since 2002. “I love connecting to our clients and providing them with the tools they need in order to administrate their plan,” says Erin. “Whether that be materials to educate their employees on certain benefits, how to effectively communicate change within an organization, or providing tips and how-to’s to help them make their job easier.”