The Biden administration has granted $9 billion in debt relief to 125,000 additional student loan borrowers, coinciding with the recent restart of federal student loan payments.
Despite the Supreme Court’s rejection of President Biden’s key student loan forgiveness program, which aimed to provide up to $20,000 in debt relief to low- and middle-income borrowers, the administration is exploring alternative avenues to offer debt relief.
An additional 53,000 borrowers will have their student loan debt canceled through the Public Service Loan Forgiveness program after making ten years of qualifying monthly payments.
Around 51,000 borrowers with over 20 years of repayment are getting relief after a review found they were initially eligible for student loan forgiveness but were denied due to administrative errors.
Nearly 22,000 borrowers with total or permanent disabilities have been approved for automatic debt discharge through a Social Security Administration data match.
President Biden highlighted his administration’s recent student loan debt efforts as a way to contrast with the Republican turmoil on Capitol Hill following Rep. Kevin McCarthy’s removal as House speaker.
“This kind of relief is life-changing for individuals and their families, but it’s good for our economy as well. By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order,” Biden said.
“They can think about buying a house, they can start a business, they can be starting a family. This matters; it matters to their daily lives,” he added.
The White House reports that these new discharges raise the total approved debt cancellation to $127 billion, benefiting nearly 3.6 million borrowers during President Biden’s tenure.
“For years, millions of eligible borrowers were unable to access the student debt relief they qualified for, but that’s all changed thanks to President Biden and this administration’s relentless efforts to fix the broken student loan system,” said Secretary of Education Miguel Cardona.
He added that the announcement “builds on everything our administration has already done to protect students from unaffordable debt, make repayment more affordable, and ensure that investments in higher education pay off for students and working families.”
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