The Biden administration approved nearly $5 billion in student loan debt cancellation Friday for nearly 74,000 borrowers, the Department of Education (ED) announced.
The Biden administration previously announced student loan debt cancellation for more than 3.6 million borrowers following the Supreme Court striking down Biden’s previous plans for debt cancellation in June 2023. This newest round of debt cancellation is the result of administrative adjustments made to income-driven repayment forgiveness and Public Service Loan Forgiveness, according to the ED. (RELATED: Claudine Gay Had A History Of Adding To Harvard’s Diversity Bureaucracy Before Stepping Up To The Presidency)
“In the wake of the Supreme Court’s decision on our student debt relief plan, we are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible,” the White House said in a press release.
US President Joe Biden holds a milkshake during a quick stop at Cook Out, a restaurant in Raleigh, North Carolina, following an event to promote his economic agenda on January 18, 2024. (Photo by SAUL LOEB / AFP)
Some of this newest round of debt relief will be going to 44,000 borrowers who are teachers, nurses, firefighters and other individuals who earned forgiveness after 10 years of public service, according to the White House press release. Nearly 30,000 are people who have been in repayment for at least 20 years, but who did not get relief through their income-drive repayment plans.
Of the debt relief, $1.7 billion will go to 29,700 borrowers through adjustments to income-driven repayments, according to the ED’s press release. The Biden administration also announced that another $45.7 billion in income-driven repayment relief has been approved for 930,500 borrowers.
Another $3.2 billion for 43,900 borrowers came through Public Service Loan Forgiveness, including borrowers that have been able to gain relief through the Biden administration Public Service Loan Forgiveness waiver and regulatory improvement made to the program, according to the ED’s press release.
“The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities have earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the first time being accurately accounted for,” Secretary of Education Miguel Cardona said in the announcement.
The Biden administration has forgiven billions in student loan debt for over 3.6 million borrowers. They’ve forgiven almost $51 billion for 715,000 through the PSLF, nearly $42 billion for 855,000 borrowers through IDR and $11.7 billion for almost 513,000 borrowers with disabilities.
The Department of Education did not immediately respond to the Daily Caller News Foundation’s request for comment.
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