On April 8, 2024, U.S. President Biden delivered a speech on student loan debt relief at Madison Area Technical College in Madison, Wisconsin.
Andrew Caballero-Reynolds | AFP | Getty Images
In his final days in office, President Joe Biden announced that his administration would forgive the student debt of more than 150,000 borrowers.
Biden said in a statement that the relief includes nearly 85,000 people who attended schools that “cheated students,” 61,000 borrowers with total and permanent disabilities and an additional 6,100 public service workers.
“From day one of my administration, I have committed to ensuring that higher education is a ticket to the middle class, not a barrier to opportunity, and I am proud to say that we have forgiven more student loan debt than any other administration in history.” Biden said.
Since Biden took office, he has forgiven the debt of more than 5 million federal student loan borrowers, totaling $183.6 billion in relief.
In 2023, the Supreme Court blocked the president’s plan to provide massive student loan relief to tens of millions of borrowers.
But the Biden administration has still managed to eliminate a significant portion of the country’s outstanding student debt by improving the U.S. Department of Education’s existing debt relief programs.
Monday’s announcements include canceling $465 million in loans for public employees, $2.5 billion in loans for borrowers with total and permanent disabilities and more than $1.25 billion in loans for defrauded students.
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