President Biden has approved student loan relief for over 150,000 borrowers, totaling more than 5 million since he took office.
Washington: President Biden just announced some good news for student loan borrowers. His administration has approved relief for over 150,000 people, which brings the total to more than 5 million since he took office. That’s a big deal!
Even though Biden couldn’t get his big plan for broad student loan forgiveness through the courts, he still pointed out that his team has forgiven more debt than any other administration. Pretty impressive, right?
Among the new beneficiaries, over 80,000 were defrauded by their schools, more than 60,000 have permanent disabilities, and over 6,000 are public service workers. It’s great to see help going to those who really need it.
The Biden administration has been working on improving existing loan forgiveness programs instead of creating new ones. This shift came after the Supreme Court shot down his initial plan in 2023. It’s all about finding ways to ease the burden for those struggling the most.
Biden highlighted improvements to the Public Service Loan Forgiveness program, which helps public servants get their loans canceled after ten years of payments. They’ve also fixed some errors in income-driven repayment programs and increased Pell Grant limits for low-income students.
Out of the 5 million borrowers who’ve benefited, 1.4 million were stuck in repayment for decades before getting relief. Another million were public service workers, while 1.7 million were victims of fraud, and 663,000 had disabilities.
This announcement comes just weeks after the Education Department pulled back on broader plans to help borrowers facing financial hardship. As Biden’s term winds down, he’s still pushing for these changes.
However, not everyone is on board. Critics, including President-elect Trump and some congressional conservatives, argue that these plans unfairly shift the repayment burden onto those without college degrees. They also claim Biden is overstepping his authority, a point the Supreme Court backed up when they ruled against his initial plan.
Both of Biden’s attempts at loan forgiveness faced legal challenges from conservative states, and the Supreme Court recently denied his request to lift a nationwide injunction on the forgiveness plan.
Biden wrapped up his statement by saying he’s always believed that higher education should be a pathway to the middle class, not a barrier. Let’s hope these efforts continue to make a difference!
