A lawsuit attempted to stop the Biden administration from canceling debt of roughly 804,000 borrowers.
published last year by the Government Accountability Office found that a tiny percentage of eligible borrowers actually had their debt canceled under the program.that his administration has begun the process of discharging the student loan debt of 804,000 borrowers who have been in repayment for more than 20 years.
“Because of errors and administrative failures of the student loan system that started long before I took office, over 804,000 borrowers never got the credit they earned, and never saw the forgiveness they were promised — even after making payments for decades,” Biden said. The Debt Collective, a group that has implored the Biden administration to use its legal authority to cancel all outstanding federal student loan debt immediately, welcomed the Michigan judge’s ruling.. “The Biden administration needs to actually discharge this debt immediately before more lawsuits or judicial bullsh*t happens.”
The decision comes weeks before federal student loan repayments, which were paused during the Covid-19 pandemic, are set to resume for the first time in over three years. On September 1, student loan interest will restart, followed by the resumption of payments in October. The Consumer Financial Protection Bureau has
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