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Nearly $5 billion in additional student loan forgiveness approved by the Biden administration

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Nearly $5 billion in additional student debt forgiveness for more than 80,000 student borrowers has been approved, the White House announced Wednesday. This relief is made possible by corrections made to the public service loan forgiveness program.

This latest $4.8 billion in relief brings the grand total of debt forgiveness approved by the administration to $132 billion for more than 3.6 million Americans, according to the White House.

Borrowers are eligible for relief through the Public Service Loan Forgiveness Program, which allows certain public sector employees to have their remaining debt forgiven after making 10 years of payments, or if they “have been in repayment for at least 20 years. — but did not receive specific credit toward his student loan repayment,” the White House said.

“From my first day in office, I committed to improving the student loan system so that higher education provides Americans with opportunity and prosperity, not the unmanageable burden of student debt,” Biden said .

President Biden and Miguel Cardona
US President Joe Biden speaks as Education Secretary Miguel Cardona listens.

Bonnie Cash/UPI/Bloomberg via Getty Images


“I will not give up on using every tool at our disposal to provide student loan borrowers with the relief they need to achieve their dreams.”

In OctoberThe Biden administration announced it would cancel $9 billion in student debt for 125,000 borrowers, a move that coincided with the resumption of student loan payments after a hiatus of more than three years.

This latest debt forgiveness is the latest move by the Biden administration to erase some student debt following a June Supreme Court ruling that invalid the administration’s plan for widespread student loan forgiveness. The plan would have helped more than 40 million borrowers erase up to $20,000 each in debt.

“Following the Supreme Court’s ruling on our student debt relief plan, we continue to seek an alternative path to provide student debt relief to as many borrowers as quickly as possible,” Biden said.

Borrowers can visit studentaid.gov to apply for this latest round of forgiveness.

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