Student Loan Aid “Now” – Biden Announces Additional $6.1 Billion Assistance, Hits $160 Billion Mark
DEBARYLIFE – With the announcement of an additional $6 billion in student loan giveaways to students before of the 2024 election, the Biden administration is carrying on with its massive student loan giveaway program.
“Today, my Administration is approving $6.1 billion in student debt cancellation for 317,000 borrowers who attended the Art Institutes,” President Biden stated on Wednesday.
The president and Education Secretary, Miguel Cardona, called the Art Institutes “predatory” in the announcement and said that the new materials will assist pupils who were harmed by their activities.
“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” stated Vice President Biden.
According to the White House, Biden’s latest gift brings the administration’s total amount of student debt canceled to $160 billion. Almost 4.6 million borrowers have been touched by this.
“Over the last three years, my Administration has approved nearly $29 billion in debt relief for 1.6 million borrowers whose colleges took advantage of them, closed abruptly, or were covered by related court settlements, compared to just 53,500 borrowers who had ever gotten their debt canceled through these types of actions before I took office,” Biden stated on Wednesday.
SEE MORE – South Carolina’s Education Committee Advances Bill for Non-certified Teacher Employment
“Today’s announcement builds on everything we’ve done to fix broken student loan programs and make higher education more accessible,” he said.
Along with launching the SAVE Plan, the most affordable repayment plan ever, and pursuing new plans that, when combined with everything we’ve done so far, would cancel student debt for over 30 million Americans, these actions include: offering the largest increases to the maximum Pell Grant in over a decade; repairing Public Service Loan Forgiveness and Income Driven Repayment so borrowers get the relief they are entitled to under the law.”
Along with reaffirming his commitment to keep helping borrowers and helping more students afford college, Biden said, “We will never stop fighting to deliver relief to borrowers, hold bad actors accountable, and bring the promise of college to more Americans.”
The Biden administration is collaborating with several states to take legal action against avaricious schools, according to Cardona’s statement on Wednesday.
For over 10 years, many aspirant students borrowed billions of dollars to enroll at The Art Institutes, receiving nothing but false information in return. That is now resolved as a result of the Biden-Harris Administration’s collaboration with the attorneys general’s offices in Pennsylvania, Massachusetts, and Iowa,” Cardona stated. “We must continue to protect borrowers from predatory institutions — and work toward a higher education system that is affordable to students and taxpayers.”
In the same vein, the administration is committed to rebuilding debtors’ faith in educational institutions, according to Federal Student Aid Chief Operating Officer Richard Cordray, who works for the Department of Education.
According to Federal Student Aid Chief Operating Officer Richard Cordray, “The Art Institutes preyed on the hopes of students attempting to better their lives through education.” “The time that has been taken from these students cannot be replaced, but the debt they owe can be reduced. We are still dedicated to assisting our state and federal partners in safeguarding borrowers.”
According to the administration, those who are eligible will automatically receive the relief.
It coincides with protests against Israel’s war with Hamas in Gaza being organized by students at American colleges and universities in the form of marches and encampments.