Biden Cancelled $1.5 Billion Of Student Debt For Borrowers, But You Can Still Apply Now

Biden Cancelled $1.5 Billion Of Student Debt For Borrowers, But You Can Still Apply Now

President Joe Biden cancelled $1.5 billion of student loans via this program, and you’ll nonetheless apply now.

Here’s what it’s good to know.

Student Loans

While Biden hasn’t enacted wide-scale student loan cancellation, there may be hope for student loan debtors to get student loan forgiveness via borrower protection to student loan reimbursement. Since turning into president, Biden has now cancelled practically $10 billion of student loans. This consists of $1.5 billion of student loan cancellation for 92,000 student loan debtors beneath the borrower protection to reimbursement rule. In July, Biden cancelled $55.6 million of student loans for 1,800+ student loan borrower beneath borrower protection to reimbursement. This Obama-era rule continues to be accessible now and will allow you to get partial or whole student loan cancellation. Here’s what it’s good to know and the right way to apply:

1. What is borrower protection to reimbursement?

Under federal legislation, in case your school or college misled you or engaged in different misconduct, you could be eligible for borrower protection to student loan reimbursement. Borrower protection to reimbursement may end up in student loan cancellation of some or your whole federal student loan debt. Borrower protection to reimbursement doesn’t apply to your non-public student loans.


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