President Biden continues to make strides in addressing the issue of student loan debt, announcing the cancellation of $7.7 billion in loans held by 160,000 borrowers. This move is part of his ongoing efforts to alleviate the burden of college debt for Americans, particularly those from working families.
The borrowers who qualified for loan forgiveness in this round include those enrolled in public service loan forgiveness, the president’s SAVE plan, and other income-driven repayment programs. Many have already started receiving approval notifications via email, according to the Education Department.
Since taking office, President Biden has made student loan forgiveness a key focus of his administration, aiming to make higher education more accessible and affordable. He has now canceled a total of about $167 billion in loans for 4.75 million borrowers, with an average debt forgiveness of $35,000 per borrower.
While the president has made significant progress in addressing student debt, he has yet to fulfill his promise of mass debt forgiveness for millions of borrowers. The administration is still finalizing plans for broader forgiveness programs, which could face legal challenges.
In addition to the recent loan cancellations, the Education Department has also discharged loans for students who were defrauded by their schools, such as the 317,000 individuals who attended the Art Institutes. The administration is also working on rules to forgive runaway interest on loans that have ballooned beyond the original amount borrowed, potentially benefiting over 25 million people.
As the Biden administration continues to tackle the issue of student loan debt, the public remains engaged in the process, with over 65,000 comments submitted on the proposed forgiveness regulations. The president remains committed to his goal of making higher education a pathway to the middle class, not a barrier to opportunity.
