Biden announces final round of student loan forgiveness, bringing aid total to nearly $189 billion

Clearing nearly $600 million in debt for thousands of debtors.

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President Joe Biden is poised to leave office after canceling a total of $188.8 billion in student debt owed by around 5.3 million borrowers.

“Mark Kantrowitz, an expert on higher education, said.

No other president has forgiven and discharged student loans as much as President Biden.

For tens of millions of debtors.

Although the Biden administration could not cancel the majority of the country’s outstanding student debt, they were able to significantly reduce the amount still owed by enhancing the existing debt relief programs offered by the Education Department.

“Four years ago, President Biden made a commitment to repair a troubled student loan system,” said U.S. Secretary of Education Miguel Cardona in a statement.

We rolled up our sleeves and, together, we fixed existing programs that weren’t working as promised, took strong steps to help people who had been cheated by loan providers, and gave working Americans some financial breathing room.

Debt Repayment Count Adjustments

The U.S. Department of Education announced on Thursday that it had finished updating its payment counts for borrowers enrolled in income-driven repayment plans. IDR plans allow borrowers to have their loans forgiven after a specific period, usually 20 or 25 years.

However, consumer advocates and borrowers had long complained that loan servicers were not accurately tracking the timeline for providing relief to borrowers. The Biden administration sought to address this issue.

the Education Department stated.