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Biden administration to forgive $4.9 billion in student debt for 73,600 borrowers

Posted on AllSides January 19th, 2024
From The Center
Education, Student Loan Forgiveness, Student Loans, Joe Biden
Saul Loeb | AFP | Getty Images

The Biden administration announced Friday it would forgive $4.9 billion in student debt for 73,600 borrowers.

The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program.

“The Biden-Harris Administration has worked relentlessly to fix our country’s broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved,” U.S. Secretary of Education Miguel Cardona said in a statement.

Around $1.7 billion of the aid...

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