Biden Announces $5B Student Debt Relief for 74,000 Borrowers
President Joe Biden announced today the approval of debt cancellation for an additional 74,000 student loan borrowers in the United States, marking a significant milestone with over 3.7 million Americans benefiting from debt relief during his administration. Among the approved borrowers, nearly 44,000 are teachers, nurses, firefighters, and public servants who have earned forgiveness after a decade of service. Additionally, close to 30,000 individuals, who have been in repayment for at least 20 years without relief, will now receive the assistance they are entitled to through income-driven repayment plans.
This latest move builds on previous achievements in reforming the student loan system, including substantial increases in Pell Grants for families earning less than $60,000 annually, fixing the Public Service Loan Forgiveness program, and introducing the SAVE plan, the most generous Income-Driven Repayment plan in history. Borrowers are encouraged to apply for relief at studentaid.gov. Despite challenges, the administration is determined to deliver student debt relief through alternative paths following a recent Supreme Court decision.
Since the beginning of the presidency, Joe Biden has remained committed to transforming the student loan system to ensure that higher education contributes to opportunity and prosperity, not burdensome debt. The administration vows to utilize all available tools to provide necessary relief to student loan borrowers, empowering them to pursue their dreams without the weight of unmanageable financial obligations.
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