Biden Administration Unveils Final Round of Student Debt Relief

The Biden administration announced its final round Thursday of student loan relief. This is the largest amount of debt forgiveness given by a president.

 

The Department of Education has announced that it will forgive more than 600 million dollars of student loan debt for 4,550 borrowers under the income-driven repayment program and 4,100 through Borrower Defense.

 

The administration has provided $188 billion in student loan relief through 33 executive orders to more than five million borrowers.

 

 

“Four years ago, President Biden promised to fix the broken student loan system. We took up our sleeves and together we fixed programs that failed to deliver on their promises. We also took bold actions to help borrowers who were cheated by the institutions. And, finally, we gave financial breathing space to hardworking Americans, including public servants, and borrowers with disabilities. “Millions of Americans have been approved for forgiveness of student loans thanks to our unapologetic, relentless efforts,” said Secretary of Education Miguel Cardona.

 

He added, “I am incredibly proud of Biden-Harris’ historic achievements that have made higher education more affordable for everyone and more accessible.”

 

The administration boasted that 1.7 million borrowers were forgiven under the Borrower Defense Program, 1,000,000 through the Public Service Loan Forgiveness Program, nearly 1.5 million via income-driven repayment, and more than 600.000 for those with total or permanent disabilities.

 

The President-elect Trump who will take office on Monday has indicated a broad opposition to this loan forgiveness.