Privately held federal student loans not forgiven under new Biden administration guidance

The Department of Education initially said these loans, many of which were made under the former Federal Family Education Loan program and Federal Perkins Loan program, would be eligible for the one-time forgiveness action as long as the borrower consolidated his or her debt into the federal Direct loan program.

"Our goal is to provide relief to as many eligible borrowers as quickly and easily as possible, and this will allow us to achieve that goal while we continue to explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate," the Department of Education said in an emailed statement.

"The President and his administration are lawfully giving working and middle-class families breathing room as they recover from the pandemic and prepare to resume loan payments in January," he said. Estimating the cost of student debt forgiveness is complicated because loans are generally paid back over several years. The White House argues that the CBO's estimate should be looked at over a 30-year time frame.Biden announced the forgiveness plan in August, after facing mounting pressure from Democrats to forgive some student loan debt. Senate Majority Leader Chuck Schumer and Massachusetts Sen.

If they really want to make a dent in student debt, cap the interest rate on Government loans from Sallie Mae. Instead of charging 12% interest. My loans in the 80’s were 2%. The cost of the loan approx. Now they rape the kids. College loan debt has surpassed Credit card debt.

Always enjoy being able to manipulate control and show their upper hand

Just another way the dirty filthy rich control the working class

It’s all a joke! They r all in it together-colleges r overpriced on purpose-the sallie maes and the government all r in bed with each other to screw those who would like a college education. College should not b a right for the dirty filthy rich-should b an affordable option 4all

Exclude them all. Taxpayers didn't agree to those loan terms...the borrower did.

The Republicans just screwed 770,000 people.....its what they do best....Unless you are in the 1%....Well, they lost 770K votes

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