The Biden administration announced its final round of student debt relief, forgiving a total of more than $600 million in student loans for 8,650 borrowers.
This forgiveness was given through income-driven repayment plans and the Borrower Defense program.
The big picture:The administration has provided a total of $188 billion in student debt relief through 33 executive actions, benefiting over 5 million borrowers.
- Notable forgiveness programs include the Borrower Defense program, Public Service Loan Forgiveness program, income-driven repayment plans, and support for borrowers with disabilities.
What they’re saying: “Four years ago, President Biden made a promise to fix a broken student loan system. We rolled up our sleeves and, together, we fixed existing programs that had failed to deliver the relief they promised, took bold action on behalf of borrowers who had been cheated by their institutions, and brought financial breathing room to hardworking Americans – including public servants and borrowers with disabilities,” said Secretary of Education Miguel Cardona. “Thanks to our relentless, unapologetic efforts, millions of Americans are approved for student loan forgiveness.”
