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President Biden Set To Cancel $5.8 Billion Dollars In Student Loans For People With Disabilities!


President Joe Biden is set to make history within the largest debt cancellation of his presidency following announcements that he’s going to cancel $5.8 billion in student loans for people with disabilities!

According to the NY Post , the loan forgiveness program is set to clear debt for a total of 323,000 borrowers who suffer from permanent disabilities or TBD.

Reports read that the Department of Education will DOE has indicated they will continue to stop asking borrowers with TPD for information in regards to their earnings to qualify for loan cancelation even after the pandemic.

The program will pursue the elimination of the three year monitoring period that a borrower’s loans can be unforgiven based on their income.

“Today’s action removes a major barrier that prevented far too many borrowers with disabilities from receiving the total and permanent disability discharges they are entitled to under the law,” says Secretary of Education Miguel Cardona.

Sources have confirmed that earlier this month on Aug. 6, the DOE announced that they would extend the pause on student loan payments until January 2022.

“From day one, I’ve stressed that the Department of Education is a service agency. We serve students, educators, and families across the country to ensure that educational opportunity is available to all,” Cardona continues.

“ We’ve heard loud and clear from borrowers with disabilities and advocates about the need for this change and we are excited to follow through on it. This change reduces red tape with the aim of making processes as simple as possible for borrowers who need support.”

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