The Department of Education announced that more than 3,000 South Dakotans will be qualified for student loan relief.
Student Loan Relief for Thousands of South Dakotans
Millions of Americans across the country are now looking for a relief program that will help them pay their student loans. This is after the U.S. Supreme Court rejected the Biden administration’s student debt forgiveness plan of up to $20,000.
In a published article in MYKXLG, the Department of Education announced that around 3,000 South Dakotans will qualify for a combined amount of $147 million in student loan relief under the new program of the Biden administration.
Department of Education Announced Student Debt Relief
According to a published article in SDPB, the Department of Education announced that more than 800,000 federal student loan borrowers will be eliminated as long as they will pass the requirements. Moreover, the announcement includes how many borrowers could possibly benefit from each state.
The Department of Education continued that an amount of more than $39 billion in debt relief will come from the agency’s income driven repayment plans. The agency emphasized that those who are long-time borrowers and those who have been paying the student loan for more than 20 years will qualify.
Education Secretary Miguel Cardona said, “For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness.” Cardona also added that the agency will make sure that everyone gets the student loan forgiveness they deserve.