Biden announces student debt forgiveness for another 160,000 borrowers

The number of beneficiaries has now reached almost 5 million since the president began the initiative.

The Biden administration canceled student debt for another 160,000 citizens who enrolled in the Saving for a Valuable Education plan (SAVE Plan). The total number of beneficiaries of the forgiveness, many of them are public officials, according to the White House, is close to 5 million, thanks to this measure promoted by Joe Biden as soon as he took office.

"From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity. I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us," the president said.

With this new batch of cancellations, Biden said that "my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million."

Since promoting this measure, the Biden administration has already forgiven $167 billion of student debt, an amount to which has already been added the $7.7 billion equivalent to the new batch of forgiveness announced this Wednesday by the president. His goal is for the debt of more than 30 million borrowers to be forgiven.

Before this new batch, the last time the Biden administration announced the forgiveness of student debt was in mid-April, when 277,000 people were benefited.