The New Normal: The Biden administration is scaling back its federal student loan cancellation program. What you need to know.
News 12's Elizabeth Hashagen was joined by Dr. Dawn Medley and Nichole Davis to discuss education and student loans.
•
Oct 4, 2022, 1:06 PM
•
Updated 814 days ago
Share:
More Stories
1:41
Parents and teachers demand Success Academy Cobble Hill give up 5 empty class rooms
7ds ago
SCHOOL CLOSINGS: Closings, delays and schedule changes in Brooklyn
16ds ago2:42
be Well: Young scientist wins prize with pesticide detector invention
53ds ago0:18
Gov. Hochul announces new initiative to help high school students get into SUNY schools
63ds ago2:24
1:1 with Melissa Aviles-Ramos - the new chancellor of New York City Public Schools
72ds ago1:47
Program equips schools with tools to address student's mental health
73ds ago1:41
Parents and teachers demand Success Academy Cobble Hill give up 5 empty class rooms
7ds agoSCHOOL CLOSINGS: Closings, delays and schedule changes in Brooklyn
16ds ago2:42
be Well: Young scientist wins prize with pesticide detector invention
53ds ago0:18
Gov. Hochul announces new initiative to help high school students get into SUNY schools
63ds ago2:24
1:1 with Melissa Aviles-Ramos - the new chancellor of New York City Public Schools
72ds ago1:47
Program equips schools with tools to address student's mental health
73ds agoNews 12's Elizabeth Hashagen was joined by Dr. Dawn Medley and Nichole Davis to discuss education and student loans.
The Biden administration is scaling back its federal student loan cancellation program to try and protect against legal challenges. That includes two suits filed last week.
RELATED: Getting ready to apply to college this year? This is what you need to know about student loans.
Now there's new guidelines - that exclude at least hundreds of thousands of borrowers - who were initially told they qualified.
On Thursday, the Department of Education updated its instructions on who qualifies for the debt forgiveness program of up to $20,000 for some Americans.
The new guidance excludes people who took out federal loans that, while they were guaranteed by the government, were technically handled by private banks.
Now those borrowers -- with Perkins Loans and Federal Family Education Loans (FFEL) -- can no longer qualify for the forgiveness program.
They will only qualify for forgiveness if they applied for consolidation before Sept. 29.
More from News 12
1:32
8 tips for working safely during hot weather
3:31
Guide: Ways to set your child up for financial success
3:18
Guide: The importance of good sleep and how to get it
Guide: Mental health resources available in the tri-state
9:36
3 ways to prevent parental burnout
1:02
