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10/5/23 - More Student Loans To Be Forgiven

Thursday, October 5, 2023 at 7:59 AM

President Joe Biden - file image / NBC News

Pres. Biden announces a new round of federal student loan forgiveness.

 

WASHINGTON D.C. -  President Joe Biden's administration announced Wednesday an additional $9 billion in student loan forgiveness will impact nearly 125,000 borrowers. 

In total, the Biden administration has canceled $127 billion in student debt for 3.6 million Americans.

The White House press release stated that $5.2 billion of the $9 billion was approved to provide relief for 53,000 borrowers under Public Service Loan Forgiveness programs.

$2.8 billion in relief was approved for about 51,000 borrowers through fixes to income-driven repayment, or borrowers who made 20 years or more of payments, but never got the relief they "were entitled to."

$1.2 billion was approved for borrowers who have a total or permanent disability and have been identified and approved for discharge through the Social Security Administration.

This month, more than 40 million Americans have to resume making monthly payments on their student loans. Payments were paused beginning in March 2020 because of the COVID-19 pandemic.

 

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