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Biden administration forgives $39 billion in student debt for more than 800,000 borrowers (www.cnbc.com)

submitted 1 year ago by Girlparts@kbin.social to c/news@kbin.social

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The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief.

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[–] admiralteal@kbin.social 5 points 1 year ago

RTFA.

This already happened. It's not a plan. It's not executive action or changing the law, either. It was a clerical cleanup project to get loans off the book. Loans that already should have been properly identified as cleared, but which the DOE had previously mishandled and fucked up, forcing individuals to believe they still owed more payments than they legally should have.

Because the DOE has been an incompetent clusterfuck when it came to these loans for multiple administrations. Likely multiple decades.