Despite failing to deliver his promise for broad student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in U.S. history.
HOUSTON, TEXAS - JANUARY 11: C.J. Stroud #7 of the Houston Texans drops back against the Los Angeles Chargers in the second quarter during the AFC Wild Card Playoffs at NRG Stadium on January 11, 2025 in Houston, Texas.
In a last-minute action on Monday, the Education Department canceled loans for 150,000 borrowers through programs that existed before Biden took office. His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court“My Administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country,” Biden said in a written statement.
Before Biden took office, those programs were criticized by advocates who said complex rules made it difficult for borrowers to get relief. The Biden administration loosened some of the rules using its regulatory power, a maneuver that expanded eligibility without going through Congress. Trump proposed eliminating PSLF during his first term in office, but Congress rejected the idea. Project 2025, a blueprint created by the Heritage Foundation for a second Trump term, proposes ending PSLF, and narrowing borrower defense and making repayment plans less generous than existing ones.
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