The Biden administration announced Monday it was forgiving student loans for more than 150,000 borrowers, bringing the total number of individuals impacted by debt relief in President Biden’s term to over 5 million.
The 150,000 new borrowers are made up of 85,000 individuals who were defrauded by their schools, 61,000 people with permanent or total disabilities and 6,100 public service workers.
Thanks to our tireless and unapologetic efforts to work toward a system that is affordable and accountable to both students and taxpayers, today’s announcement includes additional relief for borrowers misled and cheated by their institutions, borrowers with disabilities, as well as additional loan forgiveness for public servants,” Secretary of Education Miguel Cardona said.
In total, the Biden administration has now spent $183.6 billion to forgive student loans.
Officials with the Biden administration emphasized how helpful the forgiveness has been for everyday Americans ahead President-elect Trump’s inauguration — and the subsequent likely slowdown of federal efforts on student loans.
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