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On Wednesday, the Biden administration announced that it had approved an additional $9 billion in student loan forgiveness. The money will help 125,000 Americans pay off debts they incurred while receiving post-secondary education.
The move comes as the pandemic-era pause on student loan payments comes to an end, forcing students to begin making payments.
It also follows the Supreme Court striking down a previous Biden-backed student loan forgiveness plan in June.
"I promised you that my Administration would continue to use every tool at our disposal to ease the burden of student debt so more Americans can be free to achieve their dreams," President Biden said in a post on X.
The latest $9 billion will be split into three parts, with $5.2 billion going to 53,000 borrowers via various Public Service Loan Forgiveness programs, $1.2 billion going to 22,000 borrowers who have disabilities, and $2.8 billion going to 51,000 borrowers via fixes to income-driven repayment. According to the White House, the latter group consists of those who "made 20 years or more of payments but never got the relief they were entitled to."
The current administration has paid out $127 billion to over 3.5 million Americans in its unprecedented crusade to rid students of their often crushing debt.
Public servants received the bulk of the forgiveness, with $51 billion going to those who serve in that sector via Public Service Loan Forgiveness programs. Those who are eligible for income-driven repayment forgiveness received $42 billion. The remaining $34 billion has been split between those with disabilities, and those who were "cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements."
Biden has defended his decision to help students pay off debts by suggesting that higher education "should be a ticket to the middle class, not a burden that weighs on families."
The president's original plan to cancel student debt for tens of millions of Americans was struck down by the Supreme Court earlier this year.
The move comes as the pandemic-era pause on student loan payments comes to an end, forcing students to begin making payments.
It also follows the Supreme Court striking down a previous Biden-backed student loan forgiveness plan in June.
"I promised you that my Administration would continue to use every tool at our disposal to ease the burden of student debt so more Americans can be free to achieve their dreams," President Biden said in a post on X.
The latest $9 billion will be split into three parts, with $5.2 billion going to 53,000 borrowers via various Public Service Loan Forgiveness programs, $1.2 billion going to 22,000 borrowers who have disabilities, and $2.8 billion going to 51,000 borrowers via fixes to income-driven repayment. According to the White House, the latter group consists of those who "made 20 years or more of payments but never got the relief they were entitled to."
The current administration has paid out $127 billion to over 3.5 million Americans in its unprecedented crusade to rid students of their often crushing debt.
Public servants received the bulk of the forgiveness, with $51 billion going to those who serve in that sector via Public Service Loan Forgiveness programs. Those who are eligible for income-driven repayment forgiveness received $42 billion. The remaining $34 billion has been split between those with disabilities, and those who were "cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements."
Biden has defended his decision to help students pay off debts by suggesting that higher education "should be a ticket to the middle class, not a burden that weighs on families."
The president's original plan to cancel student debt for tens of millions of Americans was struck down by the Supreme Court earlier this year.
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