By Sydney Carruth
President Biden Cancels Student Loans for Over 150,000 Borrowers
In a significant move, President Joe Biden announced on Monday that his administration has approved federal student loan relief for more than 150,000 borrowers. This brings the total number of borrowers who’ve had their student debt canceled under his presidency to an impressive 5 million.
While Biden’s initial plan for broad federal student loan forgiveness was struck down by the Supreme Court in 2023, he emphasized that his administration has still delivered historic levels of debt relief. “We’ve forgiven more student loan debt than any administration in history,” Biden said in a White House release.
Who Benefits from the Relief?
The newly announced relief includes:
- 80,000 borrowers defrauded by their schools.
- 60,000 borrowers with total and permanent disabilities.
- Over 6,000 public service workers.
A Strategic Shift
Instead of creating new programs, the administration focused on improving and expanding existing pathways for loan forgiveness. This pivot has proven effective in lifting the financial burden for some of the country’s most vulnerable borrowers.
One major area of focus is the Public Service Loan Forgiveness (PSLF) program, which cancels remaining debt for public servants after 10 years of qualifying payments. Biden also highlighted fixes to administrative errors in income-driven repayment plans and increased funding for Pell Grants, which provide financial aid to low-income students.
A Commitment to Helping Borrowers
The Biden administration’s efforts reflect a commitment to supporting borrowers who need it most, even in the face of legal setbacks. By addressing systemic issues in existing programs, the government has been able to provide meaningful relief to millions.RE
Reference News :- Biden cancels student loans for 150,000 more borrowers
