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Biden announces additional $9 bn in student debt relief
President Biden announced $9 billion in student debt relief for 125,000 Americans
US President Joe Biden / Image: X/@POTUS
President Joe Biden announced an additional $9 billion in debt relief for 125,000 Americans as part of his administration's commitment to making college more accessible and affordable in the United States.
The debt relief measures included three significant allocations: $5.2 billion for 'Public Service Loan Forgiveness,' which benefited over 53,000 borrowers in public service roles; $2.8 billion for 'Income-Driven Repayment Fixes,' which assisted nearly 51,000 long-term payers; and $1.2 billion for 'Total and Permanent Disability Discharge,' which aided around 22,000 borrowers with permanent disabilities.
These actions brought the total approved debt cancellation by the Biden-Harris Administration to $127 billion, benefiting nearly 3.6 million Americans, a White House release stated.
President Biden emphasised that higher education should be a pathway to the middle class, not a financial burden. His administration had undertaken measures to address issues within the student loan system, including launching the SAVE repayment plan, increasing Pell Grants, and implementing rules to protect borrowers from burdensome debts incurred through career programs.
The Administration also actively pursued alternative paths to provide relief to borrowers and continued to work toward creating a more equitable and accessible education system.
The President wrote on X (formerly Twitter), “By freeing millions of Americans from the crushing burden of student debt, they can finally get on with their lives. They can think about buying a house, starting a business, or starting a family. It matters.”
Kamala Harris, Vice President of the United States, said on X, “Every American deserves the opportunity to pursue a college education without the burden of unmanageable student loan debt. President Joe Biden and I have approved $127 billion in debt relief to nearly 3.6 million borrowers. We will never stop fighting for debt relief for borrowers and to make college more affordable.”
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