NewsBiden Administration Forgives $6B In Student Debt

Biden Administration Forgives $6B In Student Debt

In a memo released from the White House on May 1, President Joe Biden backed up his promise to fight for the students and borrowers who attended defrauded colleges. “While my predecessor looked the other way when colleges defrauded students and borrowers, I promised to take this on directly to provide borrowers with the relief they need and deserve,” the memo read.

“Today’s announcement builds on all we’ve done to fix broken student loan programs and bring higher education more in reach.”

“This is the latest – but not the last – step to hold bad actors accountable and get relief to folks who need it,” the president tweeted. 

In a statement from U.S. Secretary of Education Miguel Cardona, he said hundreds of thousands of students took out loans worth billions to attend the schools but “got little but lies in return.” “We must continue to protect borrowers from predatory institutions — and work toward a higher education system that is affordable to students and taxpayers,” Cardona said.

All loans will be immediately paused, meaning borrowers should not have to make additional payments.

RELATED CONTENT: Biden-Harris Forgive $1.2B In Student Loans Under SAVE Plan

Source: Black Enterprise

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