Credits: Social Media
How will I know if my student loans are forgiven under new Biden scheme?
Following President Joe Bidens student loan announcement on Wednesday, many current and former students have been wondering if they are part of the lucky bunch to get the write-off.�
As reported by BestColleges.com, America has an enormous collective student loan debt of $1.74 trillion. For comparison, the UK currently sits with �206.3 billion, and Canada with $23.5 billion.�
How will I know if my student loans are forgiven?
The 46th President announced the plan on Wednesday in a political move that divided officials and thrilled thousands of higher-learning Americans. This came after a significant setback last year when the Supreme Court blocked his motion to clear $430 billion in student loan debt.
Biden said his government would be forgiving $1.2 billion in student debt for 153,000 borrowers, making a considerable dent in the nations collective bill.�
“While a college degree is a ticket to a better life, that ticket is too expensive,” Biden said during a recent reelection trip to California.
He also penned on his official social media channels: Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt canceled. Thats 150,000 Americans and counting. And were pushing to relieve more.
Unfortunately, if your debt was forgiven then you would likely already know as the lucky few received emails on Wednesday from the Department of Education. Still, its best to comb through your inbox and junk files to see if youre debt was hit by the cut.
The email came on February 21
I hope this relief gives you a little more breathing room, the email read. Ive heard from countless people who have told me that relieving the burden of their student loan debt will allow them to support themselves and their families, buy their first home, start a small business, and move forward with life plans theyve put on hold.
The Biden Democrat administration has now axed $138 billion in student debt for nearly 3.9 million people, the White House said.�
Social media is divided on the decision�
Though some are undoubtedly happy with the decision, there are others who have deemed it a plot ahead of the election.
Someone joked: Biden forgave more student loan debt and I didnt get no woot woot on my phone!
My future son-in-law just had his remaining student loan debt forgiven, and he knows EXACTLY who to thank @JoeBiden! Hes incredibly excited and grateful, another said.�
Someone else hit back: Student loan debt cancellation is unconstitutional. SCOTUS has already ruled on this issue. Theres also no such thing as cancelling student loan debt. Theres only making other people pay for it. Joe Biden is lying when he says he has this right.
Joe Biden Is Buying Votes! Student Loan Forgiveness Is a Political Bribe, another ranted.�
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