Biden announces more than $7B in student debt relief for 277,000 borrowers
President Joe Biden announced his administration is canceling $7.4 billion in student loans for 277,000 borrowers.
WASHINGTON — President Joe Biden announced Friday that his administration is canceling $7.4 billion in student loans for 277,000 borrowers.
The White House said the latest round of relief helps borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan as well as those in Income-Driven Repayment or Public Service Loan Forgiveness plans. On the SAVE plan, an income-driven repayment plan that took effect last summer, the new policy will allow those who took out smaller loans to have the debt canceled more quickly, the Department of Education said.
With its latest move, the administration has now canceled $153 billion for 4.3 million Americans, the White House said.
"Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years," Biden said in a statement. "That includes: providing the largest increases to the maximum Pell Grant in over a decade; fixing Public Service Loan Forgiveness so teachers, nurses, police officers, and other public service workers get the relief they are entitled to under the law, and holding colleges accountable for taking advantage of students and families."
Biden said that since taking office in 2021, he has "promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity."
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