President Joe Biden pays off student loan debt of 150,000 more borrowers before exiting White House

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Even as President Joe Biden ends his term in the White House, he remains committed to student loan relief and eliminating the educational debt of thousands of additional borrowers. On Monday, Biden announced that his administration had approved federal student loan forgiveness for more than 150,000 students, bringing the total number of borrowers to more than 5 million since he took office, according to a release from the White House. Although Biden lost legal battles over the broader forgiveness program, he emphasized that his administration has “forgiven more student loan debt than any other administration” in history. “The newly announced 150,000 beneficiaries include more than 80,000 people who were defrauded by schools, more than 60,000 people with total and permanent disabilities, and more than 6,000 public service workers. The Biden administration has been working to revise and expand Existing clemency plan despite Supreme Court in 2023. blocked his original plan, but this approach would allow for loan forgiveness. Biden pointed to improvements to the Public Service Loan Forgiveness program, which forgives debt after public servants pay for ten years and fixes income-driven repayment plans. . Additionally, the expansion of Pell Grants is aimed at helping low-income students. Of those, 1.4 million received relief through income-driven repayment plans, 1 million were public service workers, 1.7 million were victims of fraud, and 663,000 were on disability. However, the Department of Education recently pulled back on loan forgiveness for those facing severe financial hardship. The plan looks like this: Like loading… from Baller. Discover more in the Alert subscription and get the latest posts delivered to your email.

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