This post was originally published on Michigan Chronicle
By Andre Ash
President Joe Biden and the U.S. Department of Education announced last year their three-part plan to provide assistance to working and middle-class families struggling to pay federal student loans. The plan would provide borrowers with up to $20,000 in loan forgiveness. Other parts of the plan would help borrowers undergo a smooth transition to regular payments following several loan repayment pauses and extensions by the Biden-Harris administration.
Loan repayment pauses began under the Trump administration and continued into Biden’s presidency as families sought economic relief at the height of the COVID-19 pandemic.
The White House and Department of Education have been seeking ways to ensure there is targeted debt relief for low- and middle-income families especially as pandemic-related support expires.
On the issue of loan forgiveness, a plan erasing some or all debt for borrowers of up to $20,000 has become a sticky plan, which has caught political rebuke from Republicans, and a Biden agenda has now come to a complete halt as it faces challenges before the courts.
In an exclusive interview with Real Times Media, parent company of the Michigan Chronicle, Miguel Cardona, U.S. Secretary of Education, spoke about the options for borrowers who have signed up for debt forgiveness, and the department’s efforts to aid student borrowers seeking assistance.