Education Department unveils nearly $5 billion in student loan relief

The Biden administration announced it will cancel another nearly $5 billion in student loan debt on Wednesday, affecting those under the income-driven repayment forgiveness and Public Service Loan Forgiveness programs.

The new cancellations, which were made by the Education Department, are expected to help approximately 80,300 borrowers and bring the total amount of student debt relief provided under the Biden administration to $132 billion for more than 3.6 million borrowers.

“Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned,” Education Secretary Miguel Cardona said in a statement. “The data released today once again make clear that the Biden-Harris Administration’s relentless efforts to fix the broken student loan system are paying off in a big way, with more than 3.6 million borrowers now approved for nearly $132 billion in loan forgiveness. This level of debt relief is unparalleled and we have no intention of slowing down.”