According to NPR, close to 800,000 borrowers will be directly affected by this policy change. New guidance has just been issued by the Biden administration regarding the recentlyannounced student loan forgiveness. As of Thursday, many borrowers who have privately owned student loans no longer qualify for the debt relief that was announced in August of this year.
Prior to the new guidance, under the previous announcement it was said that the government would forgive up to $10,000 in federal student loans for those making less than $125,000 a year for individuals or $250,000 for married couples or heads of households and up to $20,000 for Pell Grant recipients who meet the income threshold.
This is a hot mess.
Google search: Student loan forgiveness
There were several publications that made it clear that many student loan service providers were confused after the initial August announcement. They were trying to figure out why it was announced that student loans will be forgiven without them issuing proper guidance. I remember reading an article saying that many of these providers had no idea what to tell their borrowers.
One company wrote "We regret borrowers are struggling to find information on the Administration’s debt cancellation plan. Unfortunately, servicers and borrowers are learning about this plan simultaneously through the media. As a result, we don’t have details to share with borrowers who want to know about their eligibility and possible timeline for cancellation when they call-in or visit our website. When we have more information, we look forward to supporting our customers through the process.” - fortune.com
Like really? You mean to tell me he made this announcement and these providers only found out about it through the media? You talk about ratchet and unprofessional? The article above literally references it being an announcement on Twitter. Twitter? What is with these senior citizens in the White house using Twitter for important announcements? Let me stop.
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