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Biden announces another $7.4 billion in student debt forgiveness

The total reduction approved by the Biden-Harris administration amounts to $153 billion for 4.3 million Americans.

Joe Biden

Cordon Press

Published by
Williams Perdomo

The White House announced that the Biden administration has granted student debt forgiveness to 277,000 people. With the measure, the total debt reduction approved by the Biden-Harris administration amounts to $153 billion for 4.3 million Americans.

"Today, President Biden announced that 277,000 more Americans will get their student debt canceled, bringing the total debt relief approved by the Biden-Harris Administration to $153 billion for 4.3 million Americans through various actions," the White House said in a statement.

Similarly, the White House explained that the 277,000 Americans who will receive this latest round of debt relief are borrowers enrolled in the SAVE Plan, other borrowers enrolled in income-driven repayment plans, and borrowers receiving public service loan forgiveness.

Already 8 million borrowers are enrolled in SAVE, 4.5 million of those borrowers have a monthly payment of $0, and over 1 million additional borrowers have a monthly payment of less than $100. And if borrowers took out low balances of loans, the SAVE Plan puts them on a faster path to debt relief after at least ten years of payments.

Since Biden took office, his administration has approved more than $54 billion in debt forgiveness for 1.3 million borrowers enrolled in income-driven repayment plans, including the new SAVE Plan.

This builds on additional actions the Biden-Harris Administration has taken to cancel debt for nearly 900,000 public service workers, 1.3 million borrowers cheated by their schools or borrowers covered by related court settlements, and nearly 550,000 borrowers with a total and permanent disability, including many veterans.
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