Biden promised to reform a student loan forgiveness program that s still rejecting 98% of applicants msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Education Law
ABA urges suspension or forgiveness of some student debt in letter to new chief of federal student aid office
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The ABA is asking the Biden administration to take steps to relieve the burden of student loan debt, including by suspending or forgiving some of the debt. In a June 8 letter, ABA President Patricia Lee Refo said the association appreciates congressional efforts to resolve the problem.
“But we also urge the executive branch to assist student loan borrowers by forgiving or canceling some level of debt,” Refo wrote.
The letter is addressed to Richard Cordray, the new chief operating officer of the Office of Federal Student Aid in the U.S. Department of Education. The letter does not specify an amount to be forgiven.
Bidenâs stimulus billâs effect on student loans: What to know
By Jerry Brown
The COVID-19 pandemic has led to job losses and pay cuts for millions of Americans.
According to a recent
Pew Research study, 49% of workers who lost income after the pandemic hit are still earning less money than they were before. To provide some relief, the federal government paused student loan repayment and set the interest rate to 0% for some federal student loans. However, the loss of income has made it more difficult for borrowers who are still responsible for repaying their loans to afford their monthly payments.
Biden s stimulus bill s effect on student loans: What to know fox6now.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fox6now.com Daily Mail and Mail on Sunday newspapers.