Biden Administration Approves Additional $4.8 Billion in Student Loan Debt Relief

The relief, affecting 80,300 borrowers, brings total student debt relief under the Biden administration to $132 billion, benefiting over 3.6 million Americans.

The Biden administration has approved an additional $4.8 billion in student loan debt relief, affecting 80,300 borrowers. This brings the total student debt relief provided under the Biden administration to $132 billion for over 3.6 million Americans.
The relief is a result of fixes to the Public Service Loan Forgiveness program and income-driven repayment plans. The latest loan forgiveness approvals bring the total number to nearly 900,000.
The relief is targeted at federal borrowers working in public service fields and those who have been in repayment for at least 20 years but didn’t get credit for all of their student loan payments.
Despite the Supreme Court blocking Biden's initial student loan forgiveness program, the administration has continued to find other ways to provide debt relief, including restructuring income-driven repayment plans and identifying new borrowers eligible for full debt cancellation under Public Service Loan Forgiveness.
The Biden administration is also in the process of crafting a broader debt relief plan, which would impact a narrower group of borrowers, but the dollar amounts would be the same, according to a draft released by the Education Department.