Biden's total student debt relief passes $183 billion, after he forgives another 150,000 borrowers [View all]

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 I’m 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 president’s 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 country’s outstanding student debt by improving the U.S. Department of Education’s existing debt relief programs.

Read more: https://www.cnbc.com/2025/01/13/biden-student-loan-debt-forgiven.html