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Around 800,000 borrowers will have $39 billion in federal student loans discharged as ... another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 ...
Who gets the $39 billion in student Loan forgiveness? More than 800,000 borrowers with more than $39 billion in combined student loan debt will find relief as a result of income-driven repayment ...
The Biden administration announced on Friday, July 14 it would cancel $39 billion of debt for 804,000 student loan borrowers. This follows the June 30 Supreme Court 6-3 decision, which struck down...
On July 14, 2023, President Biden announced he would use the Higher Education Act to relieve $39 billion in student loan debt, which he says is "legally sound" while warning "it's going to take longer". [56]
In March 2024, the Biden administration announced that it would forgive $5.8 billion in student loan debt to 78,000 borrowers under the PSLF program, [136] and then an additional $7.4 billion in student loan debt for 277,000 borrowers from additional changes to the PSLF program the next month, which brought the total dollar amount of student ...
President Biden's final round of student debt relief on January 16, 2025 has approved a total of $189 billion in loan cancellation for 5.3 million borrowers — more than any other president. [ 13 ] $78.5 billion in forgiveness for more than 1 million borrowers through Public Service Loan Forgiveness (just 7,000 borrowers had been approved ...
The White House released data showing the number of borrowers in each state who were eligible for automatic loan relief under the one-time payment adjustment for income-driven repayment (IDR) plans.
Student loan debt rose from $480.1 billion (3.5% GDP) in Q1 2006 to $1,683 billion (7.8% GDP) in Q1 2020. Student loans play a significant role in U.S. higher education. [50] Nearly 20 million Americans attend college each year, of whom close to 12 million – or 60% – borrow annually to help cover costs. [51]
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