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Student loan debt forgiven for another 150,000 borrowers under Biden

US President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, April 8, 2024.

Andrew Caballero Reynolds | AFP | Getty Images

In his final days in office… President Joe Biden He announced that his administration would forgive Student debt For more than 150 thousand borrowers.

Biden said in a statement that this relief includes 85,000 people who attended schools that “deceived and defrauded their students,” 61,000 borrowers who suffer from complete and permanent disability, and 6,100 other public service employees.

“From day one of my administration, I promised to ensure that higher education would be a ticket to the middle class, not a barrier to opportunity, and I’m proud to say we’ve forgiven more student loan debt than any other administration in history.” Biden said.

Since Biden took office, he has forgiven debt for more than 5 million federal student loan borrowers, totaling $183.6 billion in relief.

In 2023, the Supreme Court blocked the president’s plan to broadly forgive tens of millions of student loan borrowers.

But the Biden administration can still erase a significant share of the nation’s outstanding student debt by improving the U.S. Department of Education’s existing debt relief programs.

Monday’s announcement aims to cancel $465 million in loans for public employees, $2.5 billion for borrowers with total and permanent disabilities, and more than $1.25 billion for defrauded students.

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2025-01-13 17:37:00

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