Biden Widens Student Loan Relief to More Than 10% of Borrowers

More than one in 10 Americans with federal student loans have been approved for some measure of debt relief under President Joe Biden, the White House said, as it announced a new round of forgiveness.

More than 160,000 borrowers will benefit from the latest package, valued at $7.7 billion, the administration said Wednesday. Individuals enrolled in the government’s income-driven repayment plans and public servants who have worked for at least a decade will benefit from the actions.

These moves bring the total beneficiaries of the Education Department’s campaign to alleviate student debt to an estimated 4.75 million Americans, including those who attended schools that made misleading claims or were accused of fraud. Borrowers on average have seen more than $35,000 canceled from their balances, Biden said in a statement.

“I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” he added. “I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us.”