U.S. Student Loan Debt Rises to $1.7 Trillion Despite Biden's Forgiveness Efforts

New borrowing, rising tuition costs, and paused repayments outpaced $188.8 billion in loan forgiveness during Biden's presidency.

Outstanding federal student loan debt grew from $1.59 trillion in 2021 to $1.64 trillion by the end of 2024, despite historic debt forgiveness measures.
President Biden canceled $188.8 billion in student loans for 5.3 million borrowers, the largest forgiveness effort by any U.S. president.
Over $300 billion in new federal loans were issued during Biden's tenure, exceeding the amount of debt forgiven and keeping the number of borrowers steady at 42 million.
The COVID-era pause on loan repayments, lasting from March 2020 to September 2023, contributed to the rising debt as borrowers deferred payments without accruing interest.
Experts attribute the ongoing crisis to the high cost of higher education, with some college expenses nearing $100,000 annually and public in-state tuition averaging $24,920 per year.