President Joe Biden’s Education Department again moved to ease the burden of U.S. student loans on Tuesday, with the federal government claiming its latest reforms will wipe out debts for 40,000 such borrowers and bring 3.6 million Americans closer to ending their payments.
Education Secretary Miguel Cardona called the current system a ‘life sentence’ for millions of low-income borrowers and pledged to correct ‘historical failures’ that have plagued repayment schemes like the income-driven repayment program (IDR) and Public Service Loan Forgiveness Program (PSLF).
Borrowers working as public servants are eligible for forgiveness under PSLF once they’ve made 10 years of qualifying payments.
‘Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,’ Cardona said in a press release.
‘Today, the Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in IDR plans.
What about the responsible people who worked hard to pay off their student loans? Sounds like buying more votes.
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