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Biden Approves Final Student Loan Forgiveness for Over 150,000 Borrowers as Administration Concludes

President Biden announces $183.6 billion in student loan relief for 150,000 borrowers before leaving office, focusing on fraud victims, public service workers, and borrowers with disabilities.

Overview

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In his final days in office, President Biden approved student loan forgiveness for 150,000 borrowers, totaling over 5 million under his administration. This $183.6 billion relief primarily benefits victims of fraud, public service workers, and borrowers with disabilities. Although Biden aimed for broader federal forgiveness, obstacles arose after the Supreme Court's 2023 ruling that blocked his plan. The administration instead expanded existing programs like Borrower Defense and Public Service Loan Forgiveness, aiming to ensure accessibility for financially vulnerable students, despite criticism from Republicans regarding its fiscal impact and legal validity.

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Biden cancels student loans for another 150,000 borrowers
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Biden cancels student loans for another 150,000 borrowers
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