With just one week remaining in his presidency, President Joe Biden announced on Monday that his administration would forgive $4.2 billion in student loans for over 150,000 borrowers. The debt cancellation will primarily benefit individuals who attended schools that defrauded students, borrowers with permanent disabilities, and public service workers.
This move brings the total amount of student loan forgiveness under Biden’s administration to approximately $183.6 billion, impacting more than 5 million borrowers, according to the U.S. Department of Education.
“Today, my Administration is approving student loan relief for more than 150,000 borrowers—bringing the total number of Americans who have had their student debt canceled by my Administration to over 5 million,” President Biden stated.
The announcement comes as a last effort to fulfill the president’s pledge to address student loan debt, which had faced challenges in delivering broad cancellation across all borrowers. However, this recent round of debt relief highlights a significant step in assisting individuals impacted by unfair practices and public service work.
