President Biden sent an email to hundreds of thousands of student loan borrowers who had their debts canceled earlier this year, asking them to share how the relief has impacted their lives.
“Congratulations – your student loan has been forgiven because of actions my Administration took to make sure you receive the relief you earned and deserve,” Biden wrote in the message to the 813,000 borrowers.
The email reminding student-loan borrowers of the Biden administration’s work on the issue, comes as the President is facing skepticism among voters about his handling of the economy, despite low unemployment and inflation ramping down. Young voters in particular have expressed frustration about economic issues, including student loans.
But the borrowers receiving Biden’s message are likely to be older. These 813,000 people had their debt canceled as part of his administration’s efforts to fix income-driven repayment. Under these plans, which allow borrowers to repay their student debt as a percentage of their income, their remaining loan balance is supposed to be canceled after 20 or 25 years of payments.
In reality, borrowers rarely had their debt forgiven under the plans, due largely to servicer error, according to advocates, borrowers and the government. Last year, the Biden administration announced that the Department of Education would be reviewing and adjusting borrowers’ accounts to give them credit for payments that should have counted towards debt forgiveness.
So far, that adjustment has resulted in more than 813,000 borrowers who have been paying their loans for at least 20 years having the debt wiped away. It’s these borrowers who are receiving the email from Biden. (Market Watch)
“I hope this relief gives you a little more breathing room,” Biden added in the email. “I’ve heard from countless people who have told me that relieving the burden of student loan debt will allow them to support themselves and their families, or move forward with life plans they’ve put on hold.”
Biden’s signature was included in the email along with a plea to “share your story about what this relief means to you.”
The appeal comes as his approval rating hit an all-time low among Democrats.
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