The move will wipe out more than $5.8 billion of student loan debt for more than 300,000 Americans with disabilities that leave them unable to earn significant incomes.
The Biden administration announced Thursday it will automatically erase student loan debt for more than 300,000 Americans with severe disabilities that leave them unable to earn significant incomes.
The federal government offers student debt relief for people who are “totally and permanently disabled” and have limited incomes. But the current rules require them to submit documentation of their disability and undergo a three-year monitoring period to prove they’re earning little pay. Under the new action, both demands will be met. Starting in September, the Education Department will start erasing student debt for 323,000 Americans identified in Social Security records as being permanently disabled.
“This is going to be a smooth process for our borrowers,” Cardona said in a call with reporters. “They’re not going to have to be applying for it or getting bogged down by paperwork.” Democrats in Congress said it was the right move. Rep. Bobby Scott, D-Va., chairman of the House Education and Labor Committee, said borrowers shouldn’t face paperwork and other administrative hurdles if the federal government already knows they’re eligible for loan forgiveness.
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