Biden-Harris Administration Announces Major Student Loan Forgiveness
Over $167 Billion Approved for 475,000 Borrowers
The Biden-Harris Administration has announced a significant expansion of its student loan forgiveness program, bringing the total amount of canceled debt to $167 billion for 475,000 borrowers.
Additional Borrowers Eligible for Relief
In a recent press release, the White House revealed that an additional 277,000 borrowers will have their student loans eliminated, totaling approximately $74 million in relief. This brings the total number of borrowers approved for cancellation under President Biden's plan to 475,000.
Three-Part Forgiveness Initiative
The student loan forgiveness program is part of a three-part plan to address the growing burden of student debt in the United States. The plan includes canceling $10,000 in debt for low- to middle-income borrowers, extending student loan repayment pauses, and making it easier for borrowers to manage their debt.
Apply for Forgiveness Now
Borrowers can apply for student loan forgiveness on the Federal Student Aid website. Applications are currently being accepted, and the deadline to apply is December 31, 2023.
Recent Approval of $12 Billion More
In a separate announcement, President Biden approved an additional $12 billion in student debt cancellation for 153,000 borrowers who are currently enrolled in college or graduate school. This brings the total amount of debt forgiven under the program to over $179 billion.
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