Skip to main content

Biden Announces Student Debt Relief Measures After Court Setback

President Joe Biden said Friday that millions of Americans are "angry" after the Supreme Court brought down his student loan forgiveness program but he announced new measures to ease the financial burden.

"I know there are millions of Americans in this country who feel disappointed and discouraged or even a little bit angry," Biden said. "I must admit I do too."

Biden announced measures to "provide student debt relief to as many borrowers as possible, as quickly as possible."

One measure is a 12-month pause on penalties for missing debt repayments on federal loans used by many students to finance their time in the notoriously expensive US higher education system.

This will "protect the most vulnerable borrowers," the White House said.

Another is a change to repayment plans by the Department of Education, with a cut in the percentage of borrower's available income that must be paid each month toward loans from 10 to five percent.

In addition, borrowers would see more of their income protected from having to be made available for repayments.

The court decision was not a surprise, given challenges to the presidential authority to issue sweeping loan forgiveness.

However, it was still a political setback for Biden, who is seeking to increase state support for the poor.

The White House emphasized that Biden had already expanded the longstanding Pell Grant program to help finance the poorest college applicants and also sought to revamp existing loan forgiveness programs for groups like public service workers.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



from NDTV News-World-news https://ift.tt/REdXoZ4

Comments

Post a Comment

Popular posts from this blog

Sri Lanka Must Achieve Debt Restructuring By September: IMF

The International Monetary Fund on Tuesday reaffirmed that Sri Lanka must achieve its debt restructuring process by September, which is also the time for the global lender's formal review of the bailout facility it extended to the cash-strapped nation. On March 20, IMF extended a nearly $3 billion bailout facility to debt-ridden Sri Lanka that would help stabilise the country's economy after it was jolted by a devastating economic crisis last year. In a statement issued on Tuesday at the end of a nearly two weeks staff visit to Colombo to assess the progress made by Sri Lanka since the agreement was reached, the IMF said the two sides had discussed the developments on debt restructuring. "Sri Lanka must achieve debt restructuring by its first review due in September. We also discussed progress on debt restructuring, noting the ongoing discussions with both foreign and domestic creditors," the statement read. Sri Lanka is still struggling to normalise its crisis-hi...
Post a Comment
Read more

Amazon Rainforest Tribe's Secret To Healthy Life And Slow Ageing Revealed

Deep in the Amazon rainforest, a semi-nomadic indigenous community is thriving. This community defies conventional norms on ageing and health. The Tsimanes, consisting of 16,000 people, live a fully subsistence lifestyle, relying on hunting, foraging and farming to survive. Scientists have been studying this unique group for two decades, and have uncovered remarkable findings till now. Martina Canchi Nate, an 84-year-old Tsimanes woman, digs up yucca trees, cuts down plantain trees and carries heavy loads with ease, faster than her younger companions, as per a BBC report. This level of physical activity is not unusual among Tsimanes of her age. Researchers have discovered that this group has the healthiest arteries ever studied and brains that age more slowly than those in North America, Europe and elsewhere. The Tsimanes' secret lies in their active lifestyle, with an average of 16,000 to 17,000 steps per day. They spend less than 10 percent of daylight hours in sedentary activ...
Post a Comment
Read more

Egypt Unveils First Ancient Royal Tomb Since Tutankhamun In 1922

Egypt's antiquities authority says it has found the ancient tomb of King Thutmose II, the first royal burial to be located since the famed discovery of Tutankhamun's tomb in 1922. The tomb, discovered near the Valley of the Kings in Luxor in southern Egypt, belonged to King Thutmose II of the 18th dynasty, who lived nearly 3,500 years ago. Thutmose II was an ancestor to Tutankhamun himself, and his half-sister and queen consort was Pharaoh Hatshepsut. Her giant mortuary temple stands on the west bank of the Nile at Luxor a few kilometres (miles) from where the tomb of Thutmose II was found. Although preliminary studies suggest its contents were moved in ancient times -- leaving the tomb without the iconic mummy or gilded splendour of the Tutankhamun find -- the antiquities ministry on Tuesday called the discovery "one of the most significant archaeological breakthroughs in recent years". It has been excavated by a joint Egyptian-British mission, led by the Suprem...
Post a Comment
Read more