The cancellation applies to borrowers who have been affected by changes made by the Ministry of Health to the Student Loans Forgiveness Program (PSLF) in 2021. According to available data, these borrowers would cancel about $ 6.2 billion of more than $ 1.61 trillion in debt now Borrowers of American student loans are a disproportionately large number of black and black women.
Borrowers who have a specific right those who were told that after the payments within 10 years all loans will be forgiven. The program was created 15 years ago, meaning only a small number of borrowers qualified by 2021. More 90% of people who applied for the program were deniedaccording to CNN.
The Department of Education said Wednesday that it has so far identified 100,000 borrowers eligible to cancel student debt due to changes the agency made to its public debt forgiveness program in October. https://t.co/cFXRfn3IMQ
– CNN (@CNN) March 9, 2022
Under the Biden administration, the requirements for participation in the competition were briefly expanded last year after some borrowers spoke out when they found they could not participate in the program despite paying off loans over the past decade.
“Today’s announcement of the PSLF means that our dedicated teachers, nurses, ambulance services, military personnel and many other civil servants will receive significant relief,” said the Secretary of the Ministry of Health. Miguel Cardosa the statement said.
Legislators, borrowers and advocates called Joe Biden office cancel all student debt –– a step shown by one analysis increase black wealth by 40%. As of now, black students in particular Black women carry more than 20% more student loan debt than their white peers, while also earn less on dollars and is going through higher unemployment.