Biden's total student debt relief passes $183 billion, after he forgives another 150,000 borrowers
Source: CNBC
Published Mon, Jan 13 2025 11:30 AM EST Updated An Hour Ago
In his final days in office, President Joe Biden announced that his administration would forgive student debt for more than 150,000 borrowers.
That relief includes will go to 85,000 people who attended schools that cheated and defrauded their students, 61,000 borrowers with a total and permanent disability, and another 6,100 public service workers, Biden said in a statement.
Since Day One of my Administration, I promised to ensure higher education is a ticket to the middle class, not a barrier to opportunity, and Im proud to say we have forgiven more student loan debt than any other administration in history, Biden said. Since Biden took office, he has forgiven debt for more than 5 million federal student loan borrowers, totaling $183.6 billion in relief.
In 2023, the Supreme Court blocked the presidents plan to deliver wide-scale student loan forgiveness for tens of millions of borrowers. But the Biden administration still managed to wipe away a large share of the countrys outstanding student debt by improving the U.S. Department of Educations existing debt relief programs.
Read more: https://www.cnbc.com/2025/01/13/biden-student-loan-debt-forgiven.html
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Almost 85,000 attended schools that defrauded their students; 61,000 have total and permanent disabilities; and 6,100 are public service workers.
Since Day One of my Administration, I promised to ensure higher education is a ticket to the middle class, not a barrier to opportunity, and Im proud to say we have forgiven more student loan debt than any other administration in history, Biden said in a statement.
Education Department officials said that many borrowers had already been notified that they received relief, and some will be notified in the coming days. Officials declined to specify whether this would be the last student debt relief announcement.
Key context: More than 5 million borrowers have had about $183.6 billion in student loans forgiven since Biden took office, according to Education Department officials. But some of the presidents most ambitious plans for student debt relief have been denied or tied up in litigation. Bidens sweeping debt relief plan to cancel up to $20,000 of student debt for tens of millions of Americans was struck down by the Supreme Court in 2023. A popular loan repayment plan known as SAVE is held up in the courts.