President Joe Biden Announces $1.2 Billion in Student Debt Cancellation for 35,000 Borrowers

 

President Joe Biden Announces $1.2 Billion in Student Debt Cancellation for 35,000 Borrowers

Today, President Biden's Administration has announced the cancellation of $1.2 billion in student debt for 35,000 borrowers through the Public Service Loan Forgiveness program. This milestone brings the total number of Americans who have benefited from the Administration's various debt relief efforts to 4.76 million, with each borrower receiving an average of over $35,000 in debt cancellation.

The 35,000 borrowers approved for forgiveness today are public service workers, including teachers, nurses, law enforcement officials, and first responders. These individuals have dedicated their lives to strengthening their communities, and thanks to the recent improvements made to the Public Service Loan Forgiveness program, they now have more financial freedom to support themselves and their families.

This announcement is part of the significant progress made for students and borrowers over the past three years. The Administration has provided the largest increases to the maximum Pell Grant in over a decade, fixed Income-Driven Repayment plans to ensure borrowers receive the relief they are entitled to, and held colleges accountable for exploiting students and families. Earlier this year, President Biden outlined new plans that, when combined with previous actions, would cancel student debt for more than 30 million Americans.

From the beginning of his Administration, President Biden has committed to making higher education a pathway to the middle class rather than a barrier to opportunity. He remains steadfast in his efforts to make higher education affordable, despite opposition from Republican elected officials.