New Student Debt Relief Plan To Qualify South Dakotans For $147 Million Relief

The new Student Debt Relief Plan will qualify South Dakotans for $147 million worth of relief. In addition, President Biden previously announced that over 800,000 borrowers across the U.S. will have their student loans canceled.

The U.S. Department of Education announced that more than 3,000 students in South Dakota will qualify for a combined $147 million in student loan relief provided by the new Student Debt Relief Plan. Reports say the new Student Debt Relief Plan will include borrowers with direct loans or federal family education loans.

However, an article in KXLG states that only those who reached the forgiveness threshold specified by the Education Department will be able to qualify. Nonetheless, U.S. Secretary of Education Miguel Cardona stated that the department will ensure every borrower would get a loan forgiveness by rectifying the past failures of the administration.

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New Student Debt Relief Plan

According to Tonneson, the White House and the Education Department also announced that more than 800,000 student borrowers across the U.S. will have their remaining student loans canceled. The $39 billion in student loan relief will reportedly come from rectifications of the errors of an income-driven repayment plan.

Further reports say that the errors are for those borrowers who were denied student loan relief despite making payments for more than 20 years under the repayment plans. Fortunately, in 30 days, the remaining student loans of almost 804,000 borrowers will be canceled.

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