Biden Canceling Student Loan Debt For More Than 160,000 Borrowers

By iHeartRadio

May 22, 2024

Loan Forgiveness
Photo: jayk7 / Moment / Getty Images

President Joe Biden has announced the cancellation of $7.7 billion in student debt for over 160,000 borrowers. This latest move brings the total relief from Biden’s student debt actions to $167 billion, benefiting 4.75 million Americans. The debt relief is part of various income-driven repayment (IDR) plans, including the president’s newly established Saving on a Valuable Education (SAVE) program.

The beneficiaries of this latest debt relief are individuals enrolled in the SAVE Plan, including public service workers such as teachers, nurses, and law enforcement officials, or borrowers who were approved for relief due to changes in IDR plans.

"The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” said U.S. Secretary of Education Miguel Cardona. “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.”

The announcement is part of Biden's ongoing efforts to reduce the burden of student debt and ensure that student loans are not a barrier to opportunity for students and families. Despite opposition from Republicans, the Biden administration continues to explore avenues for tackling debt relief.

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