President Biden Is Cancelling $5.8 Billion In Student Loan Debt For Over 300,000 People With Severe Disabilities - The Shade Room

President Biden Is Cancelling $5.8 Billion In Student Loan Debt For Over 300,000 People With Severe Disabilities

#Roommates, it seems like ever since President Joe Biden was elected, many of his supporters have been concerned about wiping out student loan debt, and it appears that the time has finally come. It was just announced that President Biden will be cancelling almost $6 billion in student loan debt for over 300,000 people who have severe disabilities.

For 323,000 people, their financial burden of student loan debt is about to be a thing of the past, as the Biden administration officially announced that $5.8 billion in student loan debt will be automatically cancelled for those who have severe disabilities. @APNews reports, the student loan debt will be terminated through the Total and Permanent Disability (TPD) discharge program. Underneath the terms of that program, disabled individuals “who are unable to maintain substantial, gainful employment due to a physical or psychological medical impairment” will have their student loan debt wiped away.

The debt removal will begin in September, as all Americans who are identified as being permanently disabled according to their Social Security records will be free and clear from owing any money for student loans. Those who qualify will be notified of their approval before the end of 2021 and their debt cleared. In a statement regarding the historic decision, Education Secretary Miguel Cardona said “We’ve heard loud and clear from borrowers with disabilities and advocates about the need for this change and we are excited to follow through on it.”

Meanwhile, the bigger question on the minds of many is when student debt will be forgiven for everyone—something that President Biden has repeatedly asked the Education and Justice departments to assess the legality of. Responding to questions about mass student debt relief, Cardona said those conversations are “still under way.” He also added that the Education Department currently is working to improve other debt forgiveness programs that target specific groups.

“It’s an effort to show that we are working to improve targeted loan relief and help our borrowers,” he said.

 

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