• Thu. Jun 13th, 2024

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"VP Harris announces more student loan forgiveness.""VP Harris announces more student loan forgiveness."

Vice President Kamala Harris Releases Statement Regarding Further Student Loan Forgiveness

 

President Joe Biden and I are fully committed to addressing the issue of student loan debt and offering relief to borrowers nationwide. Our objective is to empower these individuals to move forward in their lives, whether it entails starting a family, purchasing a home, or pursuing entrepreneurial endeavors. In an unprecedented move, we are embarking on a historic milestone by forgiving an astounding $39 billion in student loan debt. This initiative aims to benefit a total of 804,000 borrowers who have diligently made payments for over 20 years or more and are thus eligible for this much-needed relief. Regrettably, many of these borrowers were wrongly placed in forbearance by loan servicers, which directly violated the regulations, while others were not given proper credit for their monthly payments.

Vice President Kamala Harris Releases Statement Regarding Further Student Loan Forgiveness
Vice President Kamala Harris Releases Statement Regarding Further Student Loan Forgiveness

Throughout my career, I have consistently prioritized reducing student loan debt and safeguarding borrowers from harmful practices. During my tenure as California Attorney General, I successfully secured $1 billion in restitution for defrauded veterans and students by taking on predatory for-profit colleges. This experience has only strengthened our resolve to address the prevailing issues in the student loan system and offer concrete solutions to those burdened by excessive debt.

However, our efforts do not stop there. Just last month, President Biden announced our pursuit of an alternative approach to provide relief through the Higher Education Act. Additionally, we have recently finalized a new income-driven repayment plan, specifically tailored to alleviate the financial strain on undergraduate loan borrowers. This new plan has the potential to reduce monthly payments by an impressive 50%.

Vice President Kamala Harris Releases Statement Regarding Further Student Loan Forgiveness
Vice President Kamala Harris Releases Statement Regarding Further Student Loan Forgiveness /United States president Joe Biden.LAPRESSE

Looking ahead, our administration remains dedicated to advocating for all Americans to have access to high-quality postsecondary education without the overwhelming weight of unmanageable student loan debt. We recognize that education is a crucial stepping stone towards individual success and national progress, and it should never be hindered by financial burdens. Our commitment to providing relief, rectifying unfair practices, and ensuring educational opportunities for all remains resolute.

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