How does the latest proposed student loan debt forgiveness program from the Biden-Harris Administration work?
Last Tuesday, the Biden Administration and the US Department of Education released a 第一套规则草案 旨在为以下类别的学生提供债务减免:
- Borrowers that owe more than their initial balance due to rising or “runaway” interest rates
- 已经还款超过20年的借款人
- Borrowers that would be eligible for student loan forgiveness under other agency programs but haven’t enrolled in those programs
- Borrowers that have attended colleges that didn’t provide them with sufficient financial value
如果实现的话, the Biden-Harris Administration expects that an estimated 30 million borrowers will be impacted by this new debt relief proposal.
以下是你需要了解的每个类别:
对于利息失控的借款人
财政部提议自动减免至多20美元,000 of the amount that currently exceeds what the borrower originally owed when they first began repaying their student loans. This relief amount is applicable to any student loan held by the Department of Education, 比如母公司贷款, 合并贷款, 拖欠贷款, 等. Borrowers within this category may also be able to obtain a second type of relief if they are enrolled in any Income-Driven Repayment (IDR) plan and have an income of $120,000(单人)或$240,000(已婚共同纳税)或更少. 这第二项救济裁决将允许美国.S. Secretary of Education to forgive the full amount that exceeds what the borrower originally owed at the beginning of their repayment.
对于20年以上还款的借款人
The Department is proposing forgiveness for undergraduate debt only if the borrower has begun repayment at least 20 years ago, 七月一日或之前开始, 2005. Graduate debt borrowers only eligible for forgiveness if they have begun their repayment at least 25 years ago, 七月一日或之前开始, 2000.
For Borrowers Eligible for, But Not Enrolled in Other Student Loan Forgiveness Programs
The Department would authorize forgiveness to these borrowers if they are eligible for relief programs such as any IDR plan or the Saving on A Valuable Education (SAVE) plan but have not successfully applied to those plans due to paperwork requirements, 糟糕的建议或其他障碍. The Department also proposes relief for borrowers that are eligible for forgiveness through the closed school discharge opportunities but have not successfully applied for this type of forgiveness.
对于参加低财务价值项目的大学的借款人
The Department is proposing assistance to those who retained debt from an institution that lost access to Federal aid due to high student loan default rates, producing graduates that have a high percentage of debt compared to their income, graduates that do not earn a higher income than a high school graduate or an institution that was subject to a final agency action to terminate aid for providing insufficient financial value. The Department also is proposing relief to borrowers whose colleges faced the above issues but closed before any action was taken by an outside agency and if the borrowers had high levels of debt compared to their income or are not earning more than a high school graduate.
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