The Biden administration announced a new round of student loan forgiveness on Monday, extending relief to an additional 150,000 borrowers and bringing the total number of beneficiaries during Biden's term to over 5 million. The latest wave of debt relief targets three specific groups: 85,000 people who were defrauded by their educational institutions, 61,000 borrowers with permanent or total disabilities, and 6,100 public service workers.
The total cost of student loan forgiveness under the Biden administration has now reached $183.6 billion. This record-breaking amount of relief was achieved through significant reforms to both the Borrower Defense program and the Public Service Loan Forgiveness (PSLF) program. The PSLF program alone has helped over 1 million borrowers during Biden's term, compared to just 7,000 before his administration.
Education Secretary Miguel Cardona emphasized the administration's commitment to making the system more accountable to both students and taxpayers. Under Secretary of Education James Kvaal highlighted how the program has helped various groups, including public servants, disabled individuals, those defrauded by their colleges, and long-term borrowers who have made payments for decades.
The announcement comes as the administration prepares for the transition to President-elect Trump, with officials noting that federal efforts on student loan relief are likely to slow down after the change in leadership. While the administration celebrated reaching this milestone of helping 5 million borrowers, officials declined to specify whether additional relief would be announced before Biden leaves office next week.
The program represents a fulfillment of Biden's campaign promise to address issues in the student loan system, with Cardona noting that the achievement surpasses that of any previous administration in history.
اس عام گفتگو جواب دینے والے پہلے شخص بنیں۔
