Joe Biden Has Cancelled $15 Billion In Student Loan Debt His First Year In Office

President Joe Biden has cancelled more than $15 billion in student loan debt his first year in office, more than any other president. 

More than 675,000 students have seen their debt wiped out. Forbes reports that this is only the beginning, and other students will likely see their loans forgiven as well. 

The most common path to forgiveness is through public service loan forgiveness, total and permanent disability, and borrower defense to repayment, which is when a school has misled a student or violated other state laws. 

The $15 billion figure doesn’t include the billions of dollars of student loan relief granted by former President Donald Trump, Congress, and Biden. As the coronavirus pandemic swept the nation, student loans were paused. Biden has extended student loan relief three times since taking office. 

It’s estimated that borrowers have saved $5 billion per month thanks to student loan relief. When federal loan repayment starts on May 1, its estimated borrowers have saved more than $120 billion. 

While $15 billion is a start, it’s only a drop in the bucket compared with the $1.7 trillion owed by more than 45 million student loan borrowers. And while Biden continues to push for $10,000 in forgiveness for borrowers, he does not have the legal authority to do so. He has called on Congress to enact widespread student loan forgiveness and has said he will sign any legislation that comes across his desk.