The PACT Act removed the need for certain veterans to prove a service connection if they are diagnosed with certain cancers or respiratory conditions and sped up the process of receiving benefits.
The Biden administration has begun the process of creating a new plan for widespread loan cancellation and implementing the SAVE Plan, which will cut monthly payments to $0 for millions of borrowers. There will also be a 12-month “on-ramp” period to ease borrowers back into making payments.
The plan will erase debt for borrowers who have been paying down their debt for at least 20 years. For many borrowers, qualifying monthly payments that should have moved them closer to forgiveness were not accounted for, effectively forcing them to make extra payments under their IDR plans.
This funding’s aim is to help connect the estimated 8.5 million families and small businesses nationwide that still haven’t been able to access the full capabilities of modern technology.
