Biden Administration Unveils $5 Billion Student Loan Debt Relief Initiative, Impacting Over 80,000 Borrowers

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The Education Department orchestrated these latest debt cancellations, aiming to assist around 80,300 borrowers.

Biden Administration Unveils $5 Billion Student Loan Debt Relief Initiative, Impacting Over 80,000 Borrowers
Biden Administration Unveils $5 Billion Student Loan Debt Relief Initiative, Impacting Over 80,000 Borrowers ( Photo: Bloomberg.com )

The Biden administration has declared the annulment of nearly $5 billion in student loan debt relief, marking a pivotal development for those enrolled in the income-driven repayment forgiveness and Public Service Loan Forgiveness programs

This action propels the total student loan debt relief provided by the Biden administration to an unprecedented $132 billion, benefiting over 3.6 million borrowers. Education Secretary Miguel Cardona underscored the transformative impact of these cancellations, emphasizing the administration’s resolute commitment to rectifying the deficiencies in the student loan system. The data released accentuates the success of the Biden-Harris Administration’s relentless efforts, making student loan debt relief accessible to deserving borrowers a feat deemed virtually impossible before President Biden’s tenure.

The allocated funds targeted two distinct groups of borrowers. The first cohort comprises those enrolled in the Public Service Loan Forgiveness program, designed to forgive remaining student loan debt relief for qualifying public-sector workers after ten years of monthly payments. The second group encompasses borrowers who, despite making at least 20 years of qualifying payments in an income-driven repayment program, did not receive credit for all their student loan payments.

This massive federal student loan debt relief initiative persists despite the Supreme Court’s intervention in August, halting President Joe Biden’s program that sought to forgive up to $20,000 in student loan debt for eligible low- and middle-income borrowers

After introducing the “SAVE” debt forgiveness plan, the White House proceeded with Wednesday’s cancellation affecting borrowers. President Biden personally emailed impacted individuals in November, confirming the forthcoming cancellation of their remaining loans. In his message, Biden expressed pride in providing deserved student loan debt relief and vowed steadfast support for hardworking American families, emphasizing an ongoing dedication to strengthening democracy for the nation’s advantage.

 

READ ALSO: Biden Administration Injects $6 Billion Into High-Speed Rail Projects In The West, Propelling Future Of Transportation

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