Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions. The…

Today, President Biden announced the approval of $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in the Saving on a Valuable Education (SAVE) repayment plan. The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 3.9 million borrowers through more than two dozen executive actions. The…

  • But Class War [Illinois]@midwest.socialEnglish
    11·
    4 months ago

    0% interest would have been better but the banks that process/hold the government guaranteed loans would no longer profit so they aren’t going to let that happen.

    • Suspiciousbrowsing@kbin.melroy.org
      3·
      4 months ago

      Yeah, some other systems are government backed loans that are 0% interest but rise with CPI (inflation) yearly. It sounds like there needs to be some significant regulation around the US study loan process

    • Viking_Hippie@lemmy.world
      2·
      4 months ago

      Then again, there’s quite a bit of leeway between no interest and several hundred percent in interest and fees over decades.