President Biden continues to push for student loan forgiveness, granting relief to another 150,000 borrowers. This brings the total number of borrowers benefiting from his administration's efforts to over 5 million. A breakdown of the relief shows targeted assistance for borrowers who attended predatory schools, those with total and permanent disabilities, and public service workers.
As President Joe Biden's term nears its end, he has granted federal student loan relief to an additional 150,000 borrowers. This latest wave of debt forgiveness encompasses nearly 85,000 individuals who attended institutions that engaged in fraudulent practices against their students, 61,000 borrowers with total and permanent disabilities, and 6,100 public service workers.
This brings the total number of students whose student debt has been canceled during his administration to over 5 million, according to a White House statement. A significant portion of this recent relief involves 6,100 borrowers who have benefited from the Public Service Loan Forgiveness (PSLF) program, with $465 million in debt forgiven. This highlights the potential of such programs to alleviate the burden of student debt. 'Identifying 5 million people for student loan forgiveness means the federal government is finally keeping its promises,' U.S. Under Secretary of Education James Kvaal stated. 'People who cannot afford their student loans because they are in public service, have disabilities, were cheated by their college, or who have completed decades of payments are now getting the relief they were promised. These permanent reforms will continue for more and more borrowers every year.'The Biden administration's efforts to provide student loan relief have faced legal challenges. The Supreme Court previously blocked the administration's plans for broader student loan forgiveness, preventing the cancellation of $400 billion in debt affecting more than 40 million borrowers. In August, the Supreme Court also blocked another administration proposal to reduce monthly payments and accelerate loan forgiveness. Despite these setbacks, the administration has implemented fixes to process PSLF applications and approve discharges, resulting in the forgiveness of approximately $183.6 billion in student debt. The total number of borrowers approved for PSLF has now reached 1,069,000, with $78.46 billion forgiven, compared to 7,000 borrowers who had received PSLF at the start of the Biden-Harris administration, according to the Department of Education. Furthermore, the administration has approved $56.5 billion in debt relief for more than 1.4 million borrowers through Income-Driven Repayment, including the Saving on a Valuable Education (SAVE) plan.Additional debt forgiveness includes that of borrowers whose schools engaged in deceptive practices, experienced sudden closures, or were subject to related court settlements. While private student loan borrowers are not eligible for federal loan relief, they may lower their monthly payments through refinancing to a lower interest rate.
STUDENT LOANS JOE BIDEN DEBT FORGIVENESS PUBLIC SERVICE LOAN FORGIVENESS (PSLF) INCOME-DRIVEN REPAYMENT SUPREME COURT COLLEGE COSTS
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