The President’s announcement will raise the total amount of debt forgiven by the Biden administration to $127 billion, benefiting almost 3.6 million individuals.
The newly proposed measures includes:
- $5.2 billion in extra debt relief for 53,000 borrowers who are part of Public Service Loan Forgiveness programs.
- Nearly $2.8 billion in fresh debt relief for nearly 51,000 borrowers by rectifying issues with “income-driven repayment” programs, targeting those who have made payments for 20 years or more without receiving the entitled relief.
- $1.2 billion allocated for nearly 22,000 borrowers with disabilities, who have been identified and approved for loan discharge through a data match conducted with the
Social Security Administration.
Additionally, the Department of Education is making available state-specific figures detailing the amount of debt relief sanctioned by the Biden-Harris Administration through improvements in Income-Driven Repayment (IDR) and Public Service Loan Forgiveness programs.
So far, the Biden-Harris Administration has approved $127 billion in debt relief, which includes:
- Approximately $42 billion directed towards nearly 855,000 borrowers who qualify for forgiveness via income-driven repayment programs. This relief results from rectifying historical inaccuracies in the count of payments considered eligible for forgiveness.
- Close to $51 billion designated for 715,000 public servants through the Public Service Loan Forgiveness programs.
- An allocation of $11.7 billion benefiting almost 513,000 borrowers with total and permanent disabilities.
- A sum of $22.5 billion extended to more than 1.3 million borrowers who experienced deceptive practices by their educational institutions, faced abrupt closures of their schools, or fall under the purview of related court settlements.