The administration forgave $6.1 billion in student debt for more than 300,000 borrowers from private for-profit system The Art Institutes this week.
President Joe Biden delivers remarks on student loan debt at Madison College, Monday, April 8, 2024, in Madison, Wis. The Biden administration has cancelled approximately 10% of all outstanding student debt in the U.S. with its latest round of forgiveness Wednesday, according to
Wednesday’s cancellation contributed to the nearly $29 billion Biden has forgiven for borrowers perceived as taken advantage of, enrolled in schools that closed abruptly and covered by related court settlements, according to the announcement. Overall, Biden has forgave at least $160 billion in students loans, which amounts to 10% of the outstanding debts nationwide, according to Forbes.
Last month, Biden introduced provisions to the Saving on a Valuable Education plan, dubbed the New Plans, to provide student debt relief. Anby the Wharton School of the University of Pennsylvania estimated roughly 750,000 households making over $312,000 will have their debt erased under the New Plans.
Biden Forgiveness Borrowers Education Department Art Institutes New Plans SAVE Plan
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