Joe Biden’s Administration Says $55 Billion In Student Loan Forgiveness Approved

President Joe Biden’s Administration Says $55 Billion In Student Loan Forgiveness Has Been Approved

Over 2 million borrowers have received $55 billion in student loan forgiveness under a variety of Biden administration student debt relief initiatives, according to the Education Department. And much more may be on the way in the coming months.

The Biden administration has implemented a variety of student debt relief initiatives over the course of the last two years, resulting in significant relief for some borrowers.

Buried in a statement about new student loan servicing contracts that the Education Department released last week were updated statistics on the student loan forgiveness resulting from these new programs.

 

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Under President Joe Biden and Vice President Harris, the Department has completely revitalized targeted debt relief programs like Public Service Loan Forgiveness, Borrower Defense, and Total and Permanent Disability Discharge, approving $55 billion in discharges for more than two million borrowers to date,” the department said in the statement.