Biden Bits: “Announcing New Plans”…

April 8, 2024 12:11 pm EDT Tiff Biden Tweets (Open Thread) Comments Off on Biden Bits: “Announcing New Plans”…
Biden Tweets Logo. Image by Lenny Ghoul.

It’s Monday…

President Biden’s public schedule for 04/08/2024:

6:45 AMSupplemental Pool Call Time
Joint Base Andrews Overhang
9:00 AM
Presidential Daily Brief		The President receives the President’s Daily Brief
Biden Residence, Wilmington, DE Closed Press
10:45 AM
Left Wilmington		The President departs Wilmington, Delaware en route to Philadelphia International Airport
New Castle National Guard Base Out-of-Town Pool
11:00 AM
Arrived in Philly		The President arrives in Philadelphia, Pennsylvania
Philadelphia International Airport
11:10 AM
Left Philly		The President departs Philadelphia, Pennsylvania en route to Dane County Regional Airport
Philadelphia International Airport
12:00 PM
Press Briefing		Press Secretary Karine Jean-Pierre will gaggle aboard Air Force One en route to Madison, Wisconsin
Philadelphia International Airport
1:00 PM
Arrives in Madison		The President arrives in Madison, Wisconsin (12:00 PM Local)
Dane County Regional Airport, Madison, WI Open Press
2:15 PM
Remarks		The President delivers remarks on lowering costs for Americans (1:15 PM Local)
Madison College Truax Campus, Madison, WI Open Press
3:15 PM
Leaves Madison		The President departs Madison, Wisconsin en route to Chicago O’Hare International Airport (2:15 PM Local)
Dane County Regional Airport, Madison, WI
3:55 PM
Arrives in Chicago		The President arrives in Chicago, Illinois (2:55 PM Local)
O’Hare International Airport, Chicago Open Press
4:05 PM
Leaves O’Hare International Airport		The President departs Chicago O’Hare International Airport en route to Soldier Field Landing Zone (3:05 PM Local)
O’Hare International Airport, Chicago Open Press
4:20 PM
Arrives in Solider Field		The President arrives at Soldier Field Landing Zone (3:20 PM Local)
Soldier Field, Chicago Open Press
6:45 PM
Campaign Event		The President participates in a campaign reception; Hosts: Michael and Cari Sacks; Laura and Brooke Ricketts (5:45 PM Local)
Chicago Restricted Pool
7:55 PM
Leaves Soldier Field 		The President departs Soldier Field Landing Zone en route to Chicago O’Hare International Airport (6:55 PM Local)
Soldier Field, Chicago
8:20 PM
Leaves Chicago		The President departs Chicago, Illinois en route to Joint Base Andrews (7:20 PM Local)
O’Hare International Airport, Chicago
9:05 PMIn-Town-Pool Call Time
The White HouseIn-Town-Pool
9:50 PM
Leaves Joint Base Andrews		The President departs Joint Base Andrews en route to the White House
Joint Base Andrews
10:20 PM
Arrives at the White House		The President arrives at the White House
South Lawn Open Press

Press Secretary Karine Jean-Pierre Gaggle Aboard Air Force One En Route to Madison, WI @noon D.C., time:


Francis Scott Key Bridge Tweets

From Friday…

From Army.Mil

04/04/2024:

US Army Corps of Engineers develops tentative timeline to reopen Fort McHenry Channel following Key Bridge collapse:

As the U.S. Army Corps of Engineers (USACE), Baltimore District continues working with local, state and federal partners to clear the wreckage along the Fort McHenry Channel following the collapse of the Francis Scott Key Bridge, engineers have determined a tentative timeline for the restoration for safe navigation in and out of the Port of Baltimore.

After detailed studies and engineering assessments by local, state and federal organizations, in collaboration with industry partners, USACE expects to open a limited access channel 280 feet wide and 35 feet deep, to the Port of Baltimore within the next four weeks — by the end of April. This channel would support one-way traffic in and out of the Port of Baltimore for barge container service and some roll on/roll off vessels that move automobiles and farm equipment to and from the port.

USACE engineers are aiming to reopen the permanent, 700-foot-wide by 50-foot-deep federal navigation channel by the end of May, restoring port access to normal capacity.

“Thanks to the exhaustive work of the unified command during the last two weeks, including underwater surveys and detailed structural analysis of the wreckage, we’ve developed a better understanding of the immense and complex work that lies ahead,” said Lt. Gen. Scott A. Spellmon, USACE commanding general. “A fully opened federal channel remains our primary goal, and we will carry out this work with care and precision, with safety as our chief priority.”

“These are ambitious timelines that may still be impacted by significant adverse weather conditions or changes in the complexity of the wreckage,” Spellmon added. “We are working quickly and safely to clear the channel and restore full service at this port that is so vital to the nation. At the same time, we continue to keep faith with the families of the missing and are working with our partners to help locate and recover their loved ones.”

US Army Corps of Engineers develops tentative timeline to reopen Fort McHenry Channel following Key Bridge collapse. 04/04/2024.

Remarks by President Biden on Rebuilding the Francis Scott Key Bridge and Reopening the Port of Baltimore | Baltimore, MD; the YouTube is 18 minutes long.

Earlier this afternoon, we took an aerial tour to survey the wreckage. You know, from the air, I saw the bridge that’s been ripped apart. But here on the ground, I see a community that’s been pulled together.

I want to thank you all — the first responders, the port workers, state and local officials — who sprang into action before dawn, who’ve been here ever since.

Remarks by President Biden on Rebuilding the Francis Scott Key Bridge and Reopening the Port of Baltimore. 04/05/2024.

During the war of 1812, a young Marylander named Francis Scott Key, to whom the bridge is named after, sat in a boat in this very harbor, and he watched — he watched the British troops launch an attack after attack on American forces.

But as the dawn broke, we saw the American flag still flying, Baltimore was still standing, and our nation, as he wrote in the “Star-Spangled Banner,” had made it through a perilous fight.

Folks, this is going to take time, but Governor Moore, Senator Cardin, Senator Van Hollen, Congressman Mfume, Mayor Scott, County Executive Johnny O., and others are going to rebuild this bridge as rapidly as possible. And, folks, we’re determined to come back even stronger.

Remarks by President Biden on Rebuilding the Francis Scott Key Bridge and Reopening the Port of Baltimore. 04/05/2024.

From Sunday…

The video clip is 1 minute and 5 seconds long.

The damage is devastating, and our hearts are still breaking. Eight — eight construction workers went into the water when the bridge fell. Six lost their lives. Most were immigrants, but all were Marylanders — hard-working, strong, and selfless.

After pulling a night shift fixing potholes, they were on a break when the ship struck.

Just seconds before, one of the men named Carlos, who was only 24, left a message for his girlfriend. Here’s what it said: “We just poured cement, and we’re waiting for it to dry,” he said.

Well, to all the families and loved ones who are grieving: I’ve come here to grieve with you. We all are.

[snip]

We’ll also never forget the contributions these men made to this city. We’re going to keep working hard to recover each of them.

And, you know, my vow is that we will not rest, as Carlos said, until the cement has dried on the entirety of a new bridge — a new bridge. (Applause.)

Remarks by President Biden on Rebuilding the Francis Scott Key Bridge and Reopening the Port of Baltimore. 04/05/2024.

From the White House…

04/05/2024:

Jobs Report/Economy Tweets

From Friday…

Friday was Jobs Report Day…

BLS.gov said:

Total nonfarm payroll employment rose by 303,000 in March, and the unemployment rate changed little at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and construction.

[snip]

The change in total nonfarm payroll employment for January was revised up by 27,000, from +229,000 to +256,000, and the change for February was revised down by 5,000, from +275,000 to +270,000. With these revisions, employment in January and February combined is 22,000 higher than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

Bls.gov. 04/05/2024.

April’s jobs report will be released on May 3rd…

From the White House…

04/05/2024:

Statement from President Joe Biden on the March Jobs Report:

Today’s report marks a milestone in America’s comeback. Three years ago, I inherited an economy on the brink. With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office. That’s 15 million more people who have the dignity and respect that comes with a paycheck.

My plan is growing the economy from the middle out and the bottom up, investing in all Americans, and giving the middle class a fair shot. Unemployment has been under 4% for the longest stretch in more than 50 years. Wages are going up. Inflation has come down significantly.

We’ve come a long way, but I won’t stop fighting for hardworking families. I’m taking action to lower costs, from bringing down the price of insulin and inhalers and prescription drugs, to eliminating junk fees. I’m calling on large corporations to pass along their record profits to consumers. And I’ll continue to stand against Congressional Republicans’ efforts to cut Social Security, Medicare, and Medicaid and to enact massive tax giveaways for the wealthy and big corporations.

Statement from President Joe Biden on the March Jobs Report. 04/05/2024.

Affordable Connectivity Program Tweets

From Saturday…

Direct File Tweet

From Saturday…

Tax Day is one week from today…

Greek Independence Day

From Sunday…

Remarks by President Biden at Greek Independence Day Reception; the YouTube is 17 minutes and 25 seconds long.

NCAA Women’s Basketball Championship Tweet

From Sunday…

Go teams!

Announcing New Plans Tweets

From Monday…

The video clip is 41 seconds long.

President Biden: From day one, my administration has been committed to fixing the broken student loan system. And making sure higher education is a ticket to the middle class, not a barrier. My administration has approved debt cancellation for 4 million Americans through various actions. And today, I’m announcing new plans that would cancel student debt for millions more. In total, these plans would cancel some or all student debt for 30 million Americans when combined with everything we’ve done so far. To find out how these plans may impact you, visit student aid.gov.

From the White House…

04/08/2024:

FACT SHEET: President Biden Announces New Plans that would Provide Relief to Borrowers Disproportionately Burdened by Student Loan Debt:

From Day One President Biden vowed to fix the Federal student loan program and make sure higher education is a ticket to the middle class – not a barrier to opportunity. To date, the Biden-Harris Administration has taken historic action to approve debt cancellation for 4 million borrowers, helping these borrowers get more breathing room in their daily lives, access economic mobility, buy homes, start businesses, and pursue their dreams. Today, President Biden is announcing his Administration’s new plans that, if finalized as proposed, would provide debt relief to over 30 million borrowers when combined with actions the Administration has taken over the last four years. These plans would not only help create more financial stability for millions of working and middle-class families, they would also help address the disproportionate debt burden on communities of color and advance racial equity.

These actions are expected to provide significant relief to Black and Latino borrowers, borrowers who attended community college, and borrowers who are financially vulnerable because they took out debt but never had the chance to complete their degree. Not only are Black students more likely to take on student loans than their white peers, but they also end up holding nearly twice as much debt as their white peers four years after graduation.  And Latino borrowers are also more likely to default on their student loans compared to white borrowers.

The plans President Biden is announcing today, if finalized as proposed, would deliver some amount of relief to:

FACT SHEET: President Biden Announces New Plans that would Provide Relief to Borrowers Disproportionately Burdened by Student Loan Debt. 04/08/2024.
  • Borrowers who owe more than they did at the start of repayment. Millions of borrowers across the country owe more than they did when they started repaying because of accrued and capitalized interest. Black and Latino borrowers are likelier to experience growth in their student loan balances due to excessive interest accumulation. Four years after graduation, Black bachelor’s degree borrowers on average owe more than they borrowed.
  • Borrowers who are otherwise eligible for loan forgiveness, but have not yet applied. Borrowers face administrative burdens with completing loan forgiveness applications. Many borrowers would receive automatic debt relief for loan forgiveness programs that they are eligible for but have not successfully applied for, such as the Saving on a Valuable Education (SAVE) Plan, Public Service Loan Forgiveness, or other forgiveness programs.
  • Borrowers who first entered repayment many years ago. Many borrowers are repaying their loans decades after leaving school. The Administration’s new plan would cancel debt for all borrowers with only undergraduate student debt who entered repayment 20 or more years ago and cancel loans for borrowers with any graduate student debt that first entered repayment 25 or more years ago.  
  • Borrowers who enrolled in low-financial-value programs. Thosewho attended institutions or programs that failed accountability measures or failed to provide students with sufficient financial value would be eligible for relief, including those whose institutions closed prior to the finalization of such determinations.  Black and Latino borrowers make up a disproportionately larger share of students enrolled in these programs.
  • Borrowers experiencing hardship paying back their loans. Millions of borrowers could be eligible for relief if they are experiencing hardship in their daily lives that prevent them from fully paying back their loans now or in the future. Black and Latino borrowers have higher default rates than white borrowers, undermining their ability to build generational wealth, start businesses, buy homes, and more.

The plans announced today would address the disproportionate debt burden on borrowers of color and other vulnerable borrowers.

Black borrowers

  • In order to afford a college education, Black families—already disadvantaged by generational wealth disparities—rely more heavily on student debt than white families do.
  • Twenty years after first enrolling in school, the typical Black borrower who started college in the 1995-96 school year still owed 95% of their original student debt.
  • After 20 years of starting school, just 26% of Black borrowers were able to pay off all of their loans.
  • A disproportionate number of students at for-profit colleges are Black, and many of these students have attended low-quality programs, leaving them with unaffordable debts and low prospects.

Latino Borrowers

  • Latino borrowers have lower household incomes and significantly less wealth than their white counterparts, causing them greater difficulty in paying off loans.
  • Latino students are also more likely not to complete college, making them more likely to have debt with no degree.
  • Latino borrowers are also more likely to default on their student loans compared to white borrowers, with 15% of those in repayment in default and 29% in serious delinquency.
  • Latino students are also a disproportionate number of students enrolled in for-profit programs.

Community college borrowers

  • Under the Biden-Harris Administration’s SAVE Plan, 85% of community college borrowers are projected to be debt-free within 10 years.
  • Latino students make up a disproportionately larger share of community college students, making up 23% of community college enrollees but only 18% of the overall undergraduate population.
  • The share of community college students who are Latino and Black students is also increasing, with 2023 community college enrollment increasing by 2.1% for Black students, 5.5% for Hispanic students, and decreasing by 2.0% for white students.

The plans announced today, together with the Administration’s past actions, will provide relief to more than 30 million borrowers.  These plans would fully eliminate accrued interest for 23 million borrowers, cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more.  With disproportionately high debt burdens, Black and Latino borrowers will get substantial benefits from this relief.

FACT SHEET: President Biden Announces New Plans that would Provide Relief to Borrowers Disproportionately Burdened by Student Loan Debt. 04/08/2024.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration:

Today, Biden-Harris Administration leaders will fan out across the country as President Biden announces his Administration’s new plans to cancel student debt for tens of millions of Americans. The plans, if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years. While Republican elected officials try every which way to block millions of their own constituents from receiving student debt cancellation, President Biden has vowed to use every tool available to cancel student debt for as many borrowers as possible, as quickly as possible. Today, President Biden will travel to Madison, Wisconsin to announce these new plans, while Vice President Harris will travel to Philadelphia, Pennsylvania, Second Gentleman Douglas Emhoff will travel to Phoenix, Arizona, and Secretary of Education Miguel Cardona will travel to New York City to meet with borrowers benefitting from the Administration’s student debt relief actions.

President Biden from Day One has worked to fix the student loan system and make sure higher education is a ticket to the middle class – not a barrier to opportunity – because he knows that debt cancellation not only benefits borrowers, it benefits the entire economy.  

To date, the Biden-Harris Administration has approved $146 billion in student debt relief for 4 million Americans through more than two dozen executive actions. That includes fixing Public Service Loan Forgiveness and Income-Driven Repayment plans, so borrowers finally get the relief they are entitled to under the law. It also includes launching the most affordable student loan repayment plan ever – the SAVE plan – which cuts undergraduate loan payments in half, ensures borrowers never see their balance grow from unpaid interest, helps drop millions of borrowers’ monthly payments down to $0, and cancels debt for low-balance borrowers faster. Nearly 8 million borrowers have enrolled in the SAVE plan, 4.5 million borrowers have a monthly payment of $0 under the plan, and an additional 1 million borrowers have a monthly payment of less than $100.  The Biden-Administration has also secured the largest increase to Pell Grants in a decade and has taken significant steps to hold colleges accountable for leaving borrowers with mountains of debt and without good job prospects.

Last June, in the wake of the Supreme Court’s decision blocking the Biden-Harris Administration’s original student debt relief plan, President Biden vowed to keep fighting to deliver student debt relief to borrowers held back by the burden of student loan debt. Immediately following that, the Department of Education began pursuing an alternative path to debt relief through negotiated rulemaking under the Higher Education Act.

Today’s announcement lays out the plans the Biden-Harris Administration is pursuing through that effort. In total, these plans would fully eliminate accrued interest for 23 million borrowers, would cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Canceling runaway interest for millions of borrowers

More than 25 million borrowers owe more than they originally borrowed, including many who have made years of payments, due to the interest rates on Federal student loans. President Biden will announce plans that, if finalized as proposed, would cancel up to $20,000 of the amount a borrower’s balance has grown due to unpaid interest on their loans after entering repayment, regardless of their income. Low and middle-income borrowers enrolled in the SAVE plan or any other income-driven repayment (IDR) plan would be eligible for the entire amount their balance has grown since entering repayment to be canceled under the Administration’s plans. This group of borrowers includes single borrowers who earn $120,000 or less and married borrowers who earn $240,000 or less. No application will be needed for borrowers to receive this relief if the plan is implemented as proposed.

Millions of the borrowers who could be helped by these plans have continued to see their balances grow because of accrued interest, despite making their monthly payments.  Many have also had this unpaid interest capitalized, meaning it is added to their principal balance and borrowers are now paying interest on that higher amount. The Administration’s plan would forgive interest balances built up to date for 25 million borrowers, with 23 million likely to have all of their balance growth forgiven.   

This plan builds off the actions the Biden-Harris Administration has already taken to prevent the negative effects of excessive interest accrual on student loans going forward by eliminating all interest capitalization not required by law. The SAVE Plan does not charge unpaid interest for borrowers who make their monthly payments, and has canceled interest for at least 4.5 million borrowers to date.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Automatically canceling debt for borrowers eligible for loan forgiveness under SAVE, PSLF, closed school discharge, or other forgiveness programs but not enrolled

Too many borrowers eligible for relief – including immediate cancellation –have not been able to overcome paperwork requirements, bad advice, or other obstacles. Since its first days in office, the Biden-Harris Administration has worked to get borrowers the relief to which they are entitled.

Today, the Administration is proposing to automatically cancel debt for borrowers otherwise eligible for relief through the SAVE plan, Public Service Loan Forgiveness, or other forgiveness opportunities like closed school loan discharges but who have not successfully applied for that assistance.

Under SAVE, borrowers who originally took out $12,000 or less in loans and have been in repayment for 10 years are eligible to get their remaining debt canceled. For every additional $1,000 in loans they took out (up to $21,000 total for undergraduate loans and $26,000 total for graduate loans), a borrower is eligible for relief after an additional year of repayment. For example, if a borrower took out $13,000 in loans, they would be eligible for debt cancellation after 11 years in repayment.

Under Public Service Loan Forgiveness, borrowers in public service for 10 years who have made 120 months of qualifying payments can get their remaining student debt canceled.

The Administration’s plans would allow the Department of Education to use data it has on hand to identify borrowers otherwise eligible for this type of relief without requiring them to apply for these programs. The Administration expects this action would cancel debt for around 2 million borrowers across the country.  

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Canceling student debt for borrowers who entered repayment over 20 years ago

More than 2.5 million borrowers have had their share of student loans for two decades or longer and still carry debt from long-ago loans. The Biden-Harris Administration has already cancelled $45.6 billion in student debt so far for nearly 1 million borrowers who have been in repayment for at least 20 years, but never got the relief they were entitled to because of administrative problems with income-driven repayment plans. The Administration’s new proposals, if finalized as proposed, would cancel student debt for borrowers who first entered repayment 20 or more years ago. Borrowers with only undergraduate debt would qualify for forgiveness if they first entered repayment 20 years ago (on or before July 1, 2005), and borrowers with any graduate school debt would qualify if they first entered repayment 25 or more years ago (on or before July 1, 2000). Both Direct Loans and Direct Consolidation Loans that repay only undergraduate study or graduate study for 20 or 25 years respectively are eligible for relief in this proposal.  Borrowers would not need to be on an income-driven repayment plan to qualify.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Canceling student debt for borrowers who enrolled in low-financial-value programs

One of the Biden-Harris Administration’s top priorities when it comes to higher education is holding colleges accountable when they leave students with mountains of debt and without good job prospects. To this end, the Department has taken significant steps to crack down on colleges that provide low-value programs to borrowers, when they cheat students and families, and when they close unexpectedly – leaving borrowers and taxpayers to foot the bill.

Today, President Biden is announcing his Administration’s plans that, if finalized as proposed, would cancel student debt for loans associated with institutions or programs that lost their eligibility to participate in the Federal student aid program or were denied recertification because they cheated or took advantage of students. Further, borrowers who attended institutions or programs that closed and failed to provide sufficient value— for example that leave graduates with unaffordable loan payments or earnings no better than what someone with a high school diploma earns— would be eligible for relief under this proposal.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Canceling student debt for borrowers experiencing hardship paying back their loans

President Biden and his Administration recognize that the current student loan system and repayment programs don’t reach all borrowers, and for many Americans student loans continue to be a barrier for them participating in the economy, accessing economic mobility, or pursuing their dreams. The Administration’s plan for student debt relief will also include a plan that would cancel student debt for borrowers experiencing hardship in their daily lives that prevents them from fully paying back their loans now or in the future.

This plan could provide relief to millions of borrowers who experience hardship—such as borrowers who are at high risk of defaulting on their student loans, who could be eligible for automatic relief, or families who are burdened with other expenses like medical debt or child care who can apply for relief in the future.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Providing relief to millions of borrowers this year

The Biden-Harris Administration plans to release proposed rules on these plans over the coming months. If these plans are finalized as proposed, this fall the Administration would begin canceling up to $20,000 in interest for millions of borrowers and full loan forgiveness for millions more.    

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

Building off unparalleled record canceling student debt under President Biden

Today’s announcements follow historic actions the President and his Administration have already taken to approve student debt cancellation for nearly 4 million Americans and make student loan payments easier for millions more through the SAVE plan. These actions have benefited borrowers from all 50 states and U.S. territories, borrowers from different walks of life, and borrowers of all ages. To date:

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.
  • The Administration has canceled over $62.5 billion in student debt for 871,000 public service workers, including teachers, firefighters, nurses, and more. Prior to the Biden Administration, only 7,000 people in total had received debt forgiveness through Public Service Loan Forgiveness in the over 15 years since the program was put in place. The Biden Administration implemented fixes to make sure public service workers received the relief they are entitled to under the law, helping nearly 900,000 public service workers receive relief to date.
  • The Administration has approved $45.6 billion in debt cancellation for nearly 1 million borrowers through fixes to income-driven repayment. For too long, as a result of administrative failures and loan servicer errors, borrowers never got credit for being in repayment. The Biden-Harris Administration fixed that, and has approved debt cancellation for over 930,000 borrowers who have been in repayment for over 20 years.
  • The Administration has approved $22.5 billion in debt cancellation for borrowers cheated by their schools, who saw their schools abruptly close, or who were covered by related court settlements. The Administration has approved borrower defense and closed school discharges to provide debt cancellation for students that attended and were cheated by for-profit institutions like Corinthian Colleges and ITT Technical Institute. Less than $600 million in debt relief had been approved through borrower defense, closed school discharges, and related court settlements from all prior administrations combined, compared to the $22.5 billion approved under the Biden-Harris Administration alone.
  • The Administration has approved $14 billion in debt cancellation for over 548,000 borrowers with a total and permanent disability. Through automatic matches with the Social Security Administration and other actions, the Biden-Harris Administration has approved debt cancellation for over half a million borrowers with total and permanent disabilities.
  • The Administration launched the SAVE plan – helping borrowers of all ages and walks of life manage their monthly payments, not charging interest for millions of borrowers, and setting $0 payments for 4.5 million borrowers every month. To date, nearly 8 million borrowers have enrolled in SAVE, and 4.5 million of them have a monthly payment of $0, meaning they are also not accumulating interest that would otherwise be due. An additional million borrowers have a monthly payment of less than $100. Already the Administration has canceled debt for 153,000 borrowers enrolled in SAVE who took out low balances and have been in repayment for at least 10 years. And in July, the SAVE plan will cap monthly payments for undergraduate loans at 5% of income compared to the 10% threshold now – which will save many young borrowers money on their monthly payments. The Administration continues to encourage borrowers to sign up for the SAVE plan at studentaid.gov/SAVE to save money on their monthly payments and reach loan forgiveness faster.
  • The Administration secured the largest increase to Pell Grants in a decade, and has expanded eligibility for the maximum Pell Grant to 1.7 million more Americans. The President has taken historic steps to bring college in reach for more Americans, including low-income Americans. The President secured the largest increase to Pell Grants in a decade, expanded eligibility to Pell to 665,000 new students, and expanded eligibility for the maximum Pell Grant to 1.7 million more students. The President has also proposed making community college free so more Americans can access the promise of higher education.

President Biden will not stop fighting to cancel more student debt for as many Americans as possible, and today’s announcements are a key step forward in that effort.

President Joe Biden Outlines New Plans to Deliver Student Debt Relief to Over 30 Million Americans Under the Biden-⁠Harris Administration. 04/08/2024.

President Biden Delivers Remarks on Lowering Costs for Americans @2:15 p.m. D.C., time:

Eclipse Tweet

From Monday…

The video clip is 7 seconds long.

President Biden: Folks, enjoy the eclipse, but play it safe, don’t be silly.

via GIPHY


New from the White House will return tomorrow…

Happy Monday…

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About Tiff 2563 Articles
Member of the Free Press who is politically homeless and a political junkie.