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Biden Admin Announces New Student Loan Forgiveness: Here’s Who’s Eligible

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The Biden administration announced Wednesday that it has approved student loan forgiveness worth nearly $5 billion for tens of thousands of borrowers, the U.S. Department of Education said in a statement.

The latest relief is the result of officials’ “fixes” to the Income-Driven Repayment (IDR) waiver and Public Service Loan Forgiveness (PSLF) plans. The loan releases will affect more than 80,000 borrowers, the Department of Education said.

The ministry said $2.2 billion will benefit 46,000 people from the fixes made under the IDR. Additional relief worth $2.6 billion will be provided to borrowers through the PSLF initiative.

“This is due to the steps my administration has taken to ensure that borrowers who have been repaying for at least 20 years – but who have not obtained credit for their student loan repayment – ​​get the relief to which they are entitled “said President Joe Biden. a statement Wednesday.

The latest measure to cancel student debt brings the Biden administration’s total cancellation of borrower debt to $132 billion for more than 3.6 million Americans, the White House said.

Student loan payments resumed in September, starting with debt interest payments, while actual debt payments resumed in October after a pause during the COVID-19 pandemic.

This is a developing article and will be updated.

Student loan borrowers rally near the White House to tell President Biden to cancel student debt on May 12, 2020 in Washington, D.C. On Wednesday, the Biden administration announced student debt relief worth nearly 5 billion dollars.
Photo by Paul Morigi/Getty Images