If you're under 40, Biden's latest student-debt relief plan probably isn't much help
plans to automatically cancel $39 billion of loan repaymentsThose plans are supposed to forgive borrowers' debt after at least 20 years of payments, but administrative errors and other flaws have left many making payment for far longer.
The announcement's fine print shows that only borrowers who have"accumulated the equivalent of either 20 or 25 years of qualifying months" will have their debts forgiven. That means you probably have to be more than 40 years old to get any sort of relief, given that most Americans graduate and start making student-loan repayments in their early twenties.
The Education Department said it will start notifying borrowers who are eligible to have their debt repayments forgiven over the next few weeks.its broader plan to cancel up to $20,000 worth of student debt for federal borrowersSix of the court's judges ruled that the education secretary is unable to cancel more than $430 billion of student debt under the HEROES Act, a 2003 law that gives the secretary the ability to modify loans in an emergency like the COVID-19 pandemic.
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