Biden Approves Final Student Loan Forgiveness for Over 150,000 Borrowers as Administration Concludes
President Biden announces $183.6 billion in student loan relief for 150,000 borrowers before leaving office, focusing on fraud victims, public service workers, and borrowers with disabilities.
Politics
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Summary
In his final days in office, President Biden approved student loan forgiveness for 150,000 borrowers, totaling over 5 million under his administration. This $183.6 billion relief primarily benefits victims of fraud, public service workers, and borrowers with disabilities. Although Biden aimed for broader federal forgiveness, obstacles arose after the Supreme Court's 2023 ruling that blocked his plan. The administration instead expanded existing programs like Borrower Defense and Public Service Loan Forgiveness, aiming to ensure accessibility for financially vulnerable students, despite criticism from Republicans regarding its fiscal impact and legal validity.
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From the Left
Biden's administration has successfully canceled student loans for more than 5 million Americans, setting a historical precedent in federal student debt relief and affirming a commitment to educational equity despite legal challenges.
The latest announcements of debt cancellation demonstrate the administration's focus on supporting vulnerable groups including borrowers who were defrauded by their institutions, individuals with disabilities, and public service workers, which stands as a corrective measure for prior injustices they faced.
Efforts to expand student loan forgiveness have faced criticism from Republicans, who argue such actions unfairly burden taxpayers, but the Biden administration views these measures as necessary to provide financial relief and accountability in the higher education system.
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From the Right
Biden's administration has issued a total of approximately $183.6 billion in student debt relief, a fact touted by the President as a historic achievement despite facing overwhelming criticism for using executive power rather than legislative action to implement these policies.
The recent round of relief affecting 150,000 borrowers, while targeting specific marginalized groups, is viewed by some Republicans as an unwarranted financial burden placed on taxpayers who are not directly benefiting from the forgiveness.
Legal challenges remain a significant concern as Biden's debt cancellation initiatives continue to be met with skepticism amidst rulings from the Supreme Court indicating the necessity for congressional approval for such expansive fiscal moves in student debt policy.
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Highlights (10)
Biden, 82, will depart the presidency Jan. 20 after ordering about $183.6 billion in student debt write-offs — after the Supreme Court in 2023 struck down a prior plan to wipe $400 billion off the balance sheets at a stroke of a pen.
New York Post
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Biden bragged that his administration has "forgiven more student loan debt than any other administration in history."
Biden puts taxpayers on the hook for over 150,000 debtors' student loans before leaving office
The Blaze
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Despite failing to deliver his promise for broad student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in U.S. history.
Despite collapse of his forgiveness plan, millions had student loans canceled under Biden
PBS NewsHour
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Although Biden lost the legal battle to deliver on his campaign promise of implementing a broad federal student loan forgiveness program, the president said Monday that his administration has still 'forgiven more student loan debt than any other administration in history.'
Biden cancels student loans for another 150,000 borrowers
NBC News
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My Administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country.
Biden's student loan relief tops $183 billion in final week in office
Washington Examiner
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Since Day One of my Administration, I promised to ensure higher education is a ticket to the middle class, not a barrier to opportunity, and I'm proud to say we have forgiven more student loan debt than any other administration in history.
Biden's total student debt relief passes $183 billion, after he forgives another 150,000 borrowers
CNBC
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This announcement likely marks the last of Biden's debt relief efforts, as President-elect Donald Trump takes office on January 20.
Business Insider
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Four years ago, President Biden made a promise to fix a broken student loan system. Today, life-changing student debt relief is possible for more than five million borrowers — more than any other administration in history.
Biden announces student debt relief for 150,000 borrowers, bringing total helped to more than 5M
The Hill
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Despite failing to deliver his promise for broad student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in U.S. history.
Millions have had student loans canceled under Biden — despite the collapse of his forgiveness plan
Associated Press
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Since Day One of my Administration, I promised to ensure higher education is a ticket to the middle class, not a barrier to opportunity, and I’m proud to say we have forgiven more student loan debt than any other administration in history.
Biden Admin OK's Student Loan Relief for Over 150,000
Newsmax
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