WASHINGTON —One month ago, the Department of Education and the White House announced that more than 800,000 federal student loan borrowers will have their remaining debt wiped out.
On Monday, President Biden said his administration is delivering on that promise and has already approved over $116 billion in debt cancellation for 3.4 million Americans – "no matter how many lawsuits, challenges, or roadblocks Republican elected officials or special interests put in our way."
In a statement from the White House, Biden said, Because of actions my Administration took, these 804,000 borrowers who have been in repayment for over 20 years will start to see their student debt cancelled. Over 614,000 of them will have all of their remaining federal student loan debt cancelled once this action is complete.
"Monday's actions come on top of all we’ve been able to achieve for students and student loan borrowers in the past few years."
This includes: achieving the largest increases in Pell Grants in over a decade to help families who earn less than roughly $60,000 a year; fixing the Public Service Loan Forgiveness program so that borrowers who go into public service get the debt relief they’re entitled to under the law; and creating the most generous Income-Driven Repayment plan in history, called SAVE.
Borrowers can go to studentaid.gov to apply.
"As I announced earlier this summer in the wake of the Supreme Court’s decision on our student debt relief plan, we will continue to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible. We will use every tool at our disposal to get student loan borrowers the relief they need to reach their dreams. "