Lto administration of Joe Biden is taking various actions to forgive many student loans that were requested.
The measures to be taken will facilitate forgiveness due to the programs that exist so that this can be done.
What was announced this week will help those who asked for the credits and who are registered in the Income-Based Payment Program or IDRfor its acronym in English.
About 9 million people, with more than 500 billion in student loans are pending payment of a debt to the federal government.
The IDR unveiled three plans in which credit applicants can lower the monthly payment of the debt, this according to the income they report and according to the size of the family.
With these plans, applicants will be able to pay off debt in just under say to thebut if these already have between 20 and 25 years of payments, the debt will be forgivenbut that depends on the program.
However, the federal government itself reported that there were cases of non-success in this program. According to education department and the Government Accountability Office, reported that approximately three thousand applicants did not pay their debt when they can do it.
The income of these people were qualified so they could cover your debthowever, they reported lower income and it was forgiven them.
Applicants with federal student loans
Debt forgiveness will be limited to those who have credit at the federal level, according to the administration itself. Senator Bernie Sanders call the total debt cancellation of students rising to 1.7 trillion dollarsincluding federal and private.
Applicants with services for university students
The administration will stop the credits requested from the students who are still active and from those who have already graduated. People claim that all these loans be treated as one, but the federal government will only forgive students who are still studying and enrolled.
Student loan applicants who have a certain income
The debt can be canceled by the government if you have less than their income limit. For example, Senator Elizabeth Warren and Senator Chuck Schumer consider that if the student does not have income greater than 125 thousand dollars a yearthe debt will be forgiven.