The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans.

The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.

The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.

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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.

  • jo3jo3@lemmy.world
    1122·
    7 months ago

    So just stop paying 🤷 I have over 80k and I haven’t paid anything in over a decade. I just don’t care. They can cancel it, or not, makes no difference to me, I’ll never pay anything.

      • ShunkW@lemmy.world
        171·
        7 months ago

        More than that, they’ll garnish your wages eventually. It happened to me once when I was barely getting by. I had to go to court and show my finances on public record and be humiliated to get them to back off.

            • Kalkaline @leminal.space
              34·
              7 months ago

              Work and live in another country is actually pretty darn good advice if you can get out of this shit hole.

            • jo3jo3@lemmy.world
              18·
              7 months ago

              No, I’m not giving advice to do anything. The op was frustrated they would not get their loans forgiven, so suggested the possibility of not paying. It’s an option. No payment as a form of protest. And I definitely did not tell anyone to live in a different country… Learn how to read

      • Kumatomic@lemmy.dbzer0.com
        3·
        7 months ago

        Yep, they took mine even when they weren’t supposed to anymore for at least two months after I got them dismissed for TPD. When I tried to get back the overpayment they literally told me they can do anything they want and I would never get my money back. They were right. At least they never got the 27k back that was cancelled. Eat shit Nelnet.

      • jo3jo3@lemmy.world
        210·
        7 months ago

        What social security money? I’ve pretty much never worked in the US, never paid in. I’ve lived outside the US for 16 years now.