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Navient reaches a deal to cancel $1 7 billion in student loan debts
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AG Healey Celebrates Debt Relief Victory for Thousands of Former Corinthian Students in Massachusetts
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What advocates say Biden gets wrong about student loan forgiveness CNBC 1 hr ago Annie Nova
Yet the share of borrowers from such schools is just 0.03%.
Far more student loan borrowers attended public or for-profit colleges. © Provided by CNBC U.S. President Joe Biden.
President Joe Biden has a problem with broad student loan forgiveness.
In a recent interview with New York Times columnist David Brooks, Biden said: The idea that you go to Penn and you re paying a total of 70,000 bucks a year and the public should pay for that? I don t agree.
The president s comments echoed ones he made at a CNN town hall back in February, where he said that it didn t make sense to cancel the loans for people who have gone to Harvard and Yale and Penn.
Biden went on to suggest that it didn t make sense to use money to forgive the student debt for people who have gone to Harvard and Yale and Penn.
The exchange quickly rattled progressives, advocates and student loan borrowers who ve been calling on Biden to increase the amount of debt forgiveness he supports to $50,000 from $10,000 and to cancel the loans through executive action.
Advocates also point out that it s largely a myth that people with student debt particularly those struggling with it have the benefit of a prestigious education behind them. The vast majority of students who graduate from the elite schools the president mentioned in the CNN town hall graduate with zero student loan debt, said Eileen Connor, director of litigation at Harvard Law School s Project on Predatory Student Lending.
Student loans: Biden extends payment deferrals until October CNN 1/20/2021 By Katie Lobosco, CNN © Jim Watson/AFP/Getty Images US President-elect Joe Biden delivers remarks on the public health and economic crises at The Queen theater in Wilmington, Delaware on January 14, 2021.
President Joe Biden is directing the Department of Education Wednesday to extend the suspension of federal student loan payments and interest.
Borrowers will not have to make payments until October 1 at the earliest, extending the already unprecedented pause on payments by eight months.
When the economy began to shut down in response to the pandemic in March, Congress passed a sweeping relief bill that automatically suspended student loan payments and waived interest. The benefit was originally set to expire in September, but was extended by the Trump administration until January 31.
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