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U.S. forgives 40,000 student loans, provides aid to millions more -Breaking

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© Reuters. Participants in protest against the high student loan burdens will be taking part in Ashland’s annual July 4th Parade on July 4, 2015, U.S.A. REUTERS/Randall Mikkelsen/File Photo

(Reuters) – Under a Tuesday plan to support low-income borrowers in the United States, the Department of Education cancelled student loan debt of 40,000 people. Credits were also offered to help another 3.6 millions pay their loans.

While these measures complement the efforts of President Joe Biden’s administration to alleviate student loans, they do not meet the demands of progressive Democrats for student loan forgiveness.

It stated that it would address “historical failings” in student loan programs through relief for up to 40,000 borrowers as part of the Public Service Loan Forgiveness Program (PSLF).

The Education Department stated that several thousand older borrowers who have a loan will be forgiven through income-driven repayment forgiveness (IDR). Additionally, another 3.6million borrowers will get at least three more years’ credit towards IDR forgiveness.

Miguel Cardona, Education Secretary said that student loans are not meant to be life sentences. However, it is felt as such by borrowers who have been denied the debt relief they qualify for.

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