FOR YOUR PRECIOUS METALS NEEDS SD BULLION IS THE BEST PLACE TO SHOP IT'S WHERE I BUY. https://sdbullion.com/jbtv THE BEST KNIVES IN THE WORLD: https://tkellknives.com/?ref=JEREMIAHBABE ? PLEASE HELP TO SUPPORT MY CHANNEL. PLEASE SEND MAIL & DONATIONS TO P.O. BOX 580937 NORTH PALM SPRINGS CA 92258-0937 ? PAYPAL DONATIONS: https://jeremiahbabe.com President Joe Biden's administration has taken several steps to address the student debt crisis in the United States, with a focus on providing relief for borrowers, particularly those from disadvantaged backgrounds. Here's an overview of the key actions Biden has taken to provide student debt relief: 1. Cancellation of Student Loan Debt (Targeted Forgiveness) Biden has attempted to provide broad relief through student debt forgiveness, with efforts aimed at canceling up to $20,000 in federal student loan debt for eligible borrowers. This forgiveness was intended to apply to: $10,000 for federal student loan borrowers making under $125,000 annually ($250,000 for married couples). An additional $10,000 for borrowers who received Pell Grants, which are provided to low-income students. However, this forgiveness plan faced legal challenges. The U.S. Supreme Court ruled against the plan in June 2023, blocking its implementation. This decision came after the Biden administration had announced plans to cancel the debt, and its efforts were delayed due to the legal battle. 2. Income-Driven Repayment (IDR) Plans Biden's administration has worked to improve and simplify income-driven repayment plans, which adjust borrowers' monthly payments based on their income and family size. The most notable changes include: Saving on a Valuable Education (SAVE) Plan: This new income-driven repayment plan, which went into effect in 2024, is designed to reduce monthly payments for borrowers. It aims to lower monthly payments by 50% or more for some borrowers compared to other existing plans. The SAVE plan also reduces the amount of interest that accrues on loans, helping borrowers avoid ballooning debt balances due to unpaid interest. Under the SAVE plan, borrowers who have loans of $12,000 or less will see their payments set at $0 for the first year. 3. Public Service Loan Forgiveness (PSLF) Expansion The Public Service Loan Forgiveness (PSLF) program allows borrowers working in qualifying public service jobs (e.g., government, non-profit organizations, education, etc.) to have their remaining student loan balance forgiven after 10 years of qualifying payments. The Biden administration expanded the PSLF program, addressing previous issues with how borrowers' payments were counted: Temporary Waivers: The Department of Education temporarily waived certain eligibility requirements for PSLF, enabling borrowers to get credit for payments that previously didn’t qualify. The changes made it easier for many borrowers to qualify for loan forgiveness, especially those who had made payments under incorrect repayment plans. 4. Moratorium on Student Loan Payments During the COVID-19 pandemic, the U.S. government paused student loan payments and interest accrual as part of broader economic relief efforts. This moratorium was extended multiple times under Biden’s leadership and provided significant relief for borrowers. Suspension of Payments and Interest: The suspension lasted from March 2020 through August 2023, providing temporary relief for millions of borrowers. In August 2023, the Biden administration resumed loan payments, but with new repayment options and protections in place. 5. Debt Relief for Borrowers with Disabilities The Biden administration has also worked to simplify and expand debt forgiveness for borrowers who have disabilities and are unable to work. Under the Total and Permanent Disability (TPD) Discharge program, borrowers with qualifying disabilities can have their federal student loans forgiven. In 2021, the Biden administration streamlined the TPD discharge process by using data from the Social Security Administration to automatically discharge loans for borrowers who are identified as having a total and permanent disability, without requiring an application from the borrower. 6. Targeted Debt Forgiveness for Defrauded Borrowers The Biden administration has also expanded the borrower defense to repayment program, which offers student loan forgiveness to borrowers who were defrauded by their schools (e.g., for-profit institutions that misled students about job prospects or the quality of education). Under Biden, this program has been made more accessible and forgiving for more borrowers who were defrauded or misled by their institutions.