On Wednesday, President Biden declared that over 160,000 debtors’ school loans would be forgiven.
With the latest round of debtors having $7.7 billion forgiven under the new arrangement, 4.75 million Americans will have received a total of $167 billion in relief from Biden’s student debt measures.
The president’s recently launched SAVE program is one of several income-driven repayment (IDR) plans that offer the newest loan forgiveness option.
The 160,000 borrowers are either public servants like teachers, nurses, or law enforcement officers who are registered in the Biden administration’s SAVE plan, or they are borrowers who were granted relief due to adjustments made to IDR plans.
“The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” Education Secretary Miguel Cardona stated in a statement. “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.”
In an attempt to win over younger voters before November’s election, Biden is speeding up his recent attempts to fulfill a pledge he made during the 2020 campaign: to forgive student debt.
More Stories:
- Hunter Biden Case Heats Up: Ex-Wife and Brother’s Widow to Testify
- Federal Judge Stops Biden’s Effort to Broaden Gun Background Checks
- Special Counsel Opposes Hunter Biden’s Bid for Tax Trial Extension
Over 277,000 debtors had their school debt forgiven by the administration last month. Those targeted were state servants, individuals on IDR plans, debtors conned by their educational institutions, and individuals with impairments.
Additionally, last month, Biden unveiled a plan to provide assistance to 25 million borrowers, including those enrolled in Individualized Department of Retirement Plans (IDRs), those who had low-value education, those going through hardship, and those whose debt has increased as a result of unpaid interest.
If the plan is approved, it will most likely be contested in court.
The president is attempting to find a solution after his proposal to relieve student debt was overturned by the Supreme Court in June, and these new plans are a part of that effort.
