The House Freedom Caucus has introduced a proposal to repeal much of President Biden's student loan forgiveness initiatives, potentially impacting millions of Americans. The proposal, known as the '218' Reconciliation Proposal, aims to cut funds for Biden's student loan forgiveness programs, including the SAVE income-driven repayment plan, and eliminate forgiveness options for students who have incurred excessive loan interest.
Republicans have announced a new proposal that would see student loan forgiveness disappear for millions of Americans.The House Freedom Caucus presented a '218' Reconciliation Proposal that would repeal much of President Joe Biden's student loan forgiveness initiatives.Why It MattersBiden made student loan forgiveness a key part of his presidential agenda. Across the span of four years, the Department of Education approved around $180 billion in student loan debt forgiveness.
What People Are SayingKevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, told Newsweek: 'The outlook for student loan forgiveness is not promising. Any cuts to the program mean reduced funds for forgiveness and increased debt burdens for students. The spending reductions in Biden's plans suggest that those anticipating favorable loan forgiveness outcomes may need to prepare for repayment.
STUDENT LOAN FORGIVENESS ECONOMY EDUCATION REPUBLICANS BIDEN ADMINISTRATION
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