The new date is August 24, 2022, 03:39pm.
Scores of student loan borrowers were unable to access their loan details after President Joe Biden announced his long-awaited student debt forgiveness plan.
The Chicago Council on Global Affairs hosted a speech by Joe Biden. The photo was taken by Scott Olson.
As borrowers complained about not being able to access the website, the largest federal student loan servicer trended on the social networking site.
After the White House announced its plan, the website for the Federal Agency for Student Aid went down.
The websites run by Aidvantage, EdFinancial Services, and MOHELA all appeared to experience crashes.
Ben Kiser said in a statement to Forbes that servicers and borrowers are learning about the plan simultaneously through the media.
Kiser said that they don't have details to share with borrowers who want to know about their eligibility and possible timelines for cancellation.
The White House announced broad $10,000 federal student loan forgiveness for borrowers who make less than $125,000 a year, but those who received grants to attend college are eligible for $20,000 in debt cancellation. According to the White House, the move will provide relief for up to 43 million borrowers and will result in 20 million borrowers having their debt fully canceled. The pause on loan repayments will be extended through the end of the year.
A total of 27 million dollars. That's how many people the White House believes are eligible for relief. The White House says that more than half of borrowers received a grant.
The implementation of debt relief may be affected by lawsuits challenging Biden's executive order.
Here's who benefits most and least from Biden's student loan forgiveness plan.
You need to know about the student loan forgiveness plan.
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