The Biden administration announced Wednesday the cancellation of nearly $5 billion in student loan debt. The new cancellations are expected to help more than 80,000 student loan borrowers.
President Joe Biden (Photo: The Nation)
News For Student Loan Borrowers: Nearly $5 Billion In Student Loan Debt Cancelled By Biden Administration
SOURCE– The Biden administration announced Wednesday that it will cancel nearly $5 billion in student loan relief, which will affect student loan borrowers under the income repayment forgiveness and public service forgiveness programs.
This new cancellation made by the Education Department is expected to help more than 80,000 student loan borrowers and bring the total amount of student loan relief provided by Biden’s administration to $132 billion for more than 3.6 million student loan borrowers.
According to Education Secretary Miguel Cardona, before President Joe Biden took office, it was impossible for student loan borrowers to access the student loan relief they rightfully earned, but the data released today shows that the relentless effort of the Biden-Harris administration to fix the broken student loan system is paying off.
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Student Loan Borrowers Can Expect Changes In Their Accounts In The Upcoming Weeks
Most of the student loan borrowers were notified about their student loan debt cancellation in the month of November. Student loan borrowers can expect to see the changes made by the student loan relief cancellation to their accounts in the upcoming weeks.
According to ABC 22, President Biden’s administration has granted student loan forgiveness through the existing programs consistently since President Joe Biden took office. To date, the Biden administration has granted more student loan forgiveness than any other administration. In a statement on Wednesday, President Biden said that his administration is continuing to pursue alternative path to give student loan relief to as many student loan borrowers as possible. An alternative path where they can deliver these student debt reliefs as quickly as possible too.
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