President Joe Biden declared in his last days in office that his administration will cancel over 150,000 debtors’ school loans.
85,000 persons who attended institutions that misled and cheated on their pupils, 61,000 borrowers who have a total and permanent handicap, and an additional 6,100 public sector employees will receive this relief, Biden said in a statement.
“I’m proud to say we have forgiven more student loan debt than any other administration in history,” Biden said, adding that he had pledged from the beginning of his term to make sure that higher education is a ticket to the middle class rather than a barrier to opportunity.
Over 5 million federal student loan debtors have had their debt forgiven by Biden since he assumed office, providing a total of $183.6 billion in relief.
The president’s attempt to offer widespread student loan forgiveness to tens of millions of students was halted by the Supreme Court in 2023.
However, by enhancing the U.S. Department of Education’s current debt reduction initiatives, the Biden administration was still able to eliminate a significant portion of the nation’s outstanding student debt.
Loan cancellations of $465 million for public employees, $2.5 billion for borrowers with total and permanent disabilities, and more than $1.25 billion for students who were deceived were announced on Monday.
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