President Biden Approves Student Loan Forgiveness for 150,000 Borrowers as He Exits Office. The White House Highlights a Total of 5 Million Beneficiaries During Biden's Presidency.
President Biden marked his final week in office by announcing the approval of student loan discharges for over 150,000 individuals on Monday. The White House celebrated this action, highlighting a total of more than 5 million beneficiaries throughout Biden's presidency. In his statement, Biden emphasized his administration's efforts to alleviate the burden of student debt, hold exploitative institutions accountable, and advocate for students nationwide.
The 150,000 borrowers receiving relief encompass nearly 85,000 who attended schools involved in fraudulent practices against students, 61,000 with total and permanent disabilities, and 6,100 public service workers. Biden also took pride in his administration's record-breaking increase in the maximum Pell Grant amount over the past decade. 'I promised to ensure higher education is a pathway to the middle class, not a roadblock to opportunity, and I'm proud to say we have forgiven more student loan debt than any other administration in history,' Biden stated. The Department of Education confirmed that this latest round of discharges brings the total amount of debt forgiven by the administration to $183.6 billion.This announcement comes amidst recent developments regarding student loan repayment plans. Last month, the Department of Education reopened enrollment for two income-driven repayment programs, Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR), following a federal court injunction against the Biden administration's Saving on a Valuable Education (SAVE) program. PAYE and ICR enrollment had been suspended last summer as part of an effort to phase them out and encourage borrowers to adopt the SAVE plan. However, the reinstatement allows individuals to enroll in these plans once again. Both reinstated programs offer credit towards Public Service Loan Forgiveness and income-driven repayment structures. Monthly payments are calculated based on a borrower's income and family size, and borrowers can achieve forgiveness after 'extended periods of payments,' according to the DOE. The enrollment window for PAYE and ICR will remain open until July 1, 2027
Education STUDENT LOANS BIDEN ADMINISTRATION DEBT FORGIVENESS EDUCATION DEPARTMENT INCOME-DRIVEN REPAYMENT
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