The Biden administration last week announced an additional $4.8 billion in student loan debt relief for more than 80,000 borrowers. The latest action brings the total amount of relief provided under the administration to $132 billion for more than 3.6 million borrowers.
"From Day One of my administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity — not unmanageable burdens of student loan debt," President Joe Biden said in a statement. "I won't back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams."
The new relief package falls into two categories:
- First, $2.2 billion for nearly 46,000 borrowers through fixes to income-driven repayment will provide borrowers with an accurate count of progress toward forgiveness and address longstanding concerns with misuse of forbearance. Including the latest numbers, the administration now has approved almost $44 billion in this type of relief for nearly 901,000 borrowers.
- Second, the announcement includes $2.6 billion for 34,400 borrowers through Public Service Loan Forgiveness. This brings total relief through this program to $53.5 billion for almost 750,000 borrowers since October 2021.
The administration previously approved $11.7 billion for almost 513,000 borrowers with total and permanent disabilities and $22.5 billion for more than 1.3 million borrowers who were cheated by their schools, saw their institutions close or are covered by related court settlements.
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