Biden announces student debt relief for 150,000 borrowers, bringing total helped to more than 5M

The Biden Administration announced Monday that it would forgive student loans for over 150,000 borrowers. This brings the total number affected by debt relief during President Biden’s tenure to more than 5 million.

The 150,000 new borrowers include 85,000 people who have been defrauded of their school loans, 61,000 with total or permanent disabilities and 6,100 workers in the public sector.

The Secretary of Education Miguel Cardona stated that “thanks to our relentless and unapologetic effort to work towards a system which is affordable and accountable for both students and taxpayers,” today’s announcement included additional relief for borrowers who were misled and defrauded by their institutions as well as borrowers with disabilities as well as an additional loan forgiveness program for public servants.

The Biden administration has spent $183.6 billion on student loan forgiveness.

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Officials from the Biden administration highlighted how beneficial the loan forgiveness was for the average American ahead of President-elect Trump’s inauguration and the likely slowdown in federal efforts to reduce student debt.

James Kvaal, Under Secretary of Education at the Department of Education, said that by identifying 5 million students for loan forgiveness, the federal government has finally kept its promise. People who are unable to pay their student loan payments because they work in the public sector, are disabled, were defrauded by their college or have made decades of payments will now receive the relief that was promised. The permanent reforms are expected to continue for more and more borrowers each year.

It was possible to achieve the record student debt relief of any president because of a number changes made by the administration to the Borrower Defense Program and Public Service Loan Forgiveness program (PSLF). These changes made it easier for these borrowers to receive forgiveness.

More than one million borrowers received assistance under the PSLF program, compared with only 7,000 borrowers before the Biden administration began.

Officials did not confirm if this is the final round of relief that borrowers can expect before President Obama leaves office next Monday.

“Four year ago, President Biden promised to fix the broken student loan system. Cardona stated that today, more than five millions borrowers can benefit from a life-changing relief of student debt. This is more than any previous administration has ever done.