Seven Times Blessed!💰
Saints, don’t let anyone tell you that miracles aren’t still happening! If you are one of the 45 million people with student loan debt, God has heard your prayers! 🙌🏾
The Biden administration has extended the moratorium on federal student loan repayment for the seventh time. Turn to your neighbor and say “seven is the number of completion!” The President’s plan to cancel student debt was thwarted by a challenge to its legality.
The payment pause, which was previously set to expire in January, will be extended until June 30 or until the litigation is resolved — whichever comes first. If the litigation has not been resolved by June 30, payments will resume 60 days after that. 😁
“I’m completely confident that my plan is legal,...[b] ut it isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit.” ”~ President Biden
[In August, the President]...announced he would cancel up to $20,000 in debt per eligible borrower
A federal judge in the Northern District of Texas declared that the cancellation plan was illegal earlier this month. 🙄 After that ruling, the Biden administration petitioned the United States Supreme Court to intervene and allow the plan to move forward, essentially overruling the federal appeals court. The latest deadline of June 30, 2023, will give the Biden administration time to settle the case. 👏🏾👏🏾👏🏾
Initially borrowers were given a reprieve on their federal student loan payments in March 2020. Initially, former President Donald Trump paused payments and stopped interest from accruing through September 2020 by signing the CARES Act. This action was designed to give Americans with student loan debt some relief by allowing them to keep more of their money to weather the storm of economic uncertainty in the thick of the coronavirus pandemic. Then, Trump extended the deferral period through January 2021 through executive action. Since taking office, President Biden has extended the repayment moratorium six times! Unfortunately, borrowers with privately held loans were unable to take advantage of the COVID-19 related program.
Watch Night News will continue to deliver a Diaspora-inspired perspective on news, history, and culture to your inbox every night. With Thanksgiving Day mere hours away, the team at Watch Night News can’t help but be grateful for this news! Y’all Be blessed! 🙏🏾