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Home»Debt»Biden cancels $9 billion in student debt for 125,000 borrowers
Debt

Biden cancels $9 billion in student debt for 125,000 borrowers

finvestadminBy finvestadminOctober 4, 2023No Comments2 Mins Read
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  • President Joe Biden announced Wednesday that he is approving $9 billion in student loan forgiveness for 125,000 Americans.
  • The relief comes as a result of the administration’s modifications to a number of programs, including income-driven repayment plans and public service loan forgiveness.

President Joe Biden will hold a Cabinet meeting at the White House on October 2, 2023.

Kevin Dietch Getty Images

President Joe Biden announced Wednesday that he is approving $9 billion in student loan forgiveness for 125,000 Americans.

The relief comes as a result of the administration’s modifications to a number of programs, including income-driven repayment plans and public service loan forgiveness.

More than $5 billion in aid will go to 53,000 borrowers who have spent 10 years or more in public service. His $2.8 billion in forgiveness will go to his 51,000 borrowers enrolled in income-driven repayment plans. And an additional $1.2 billion in termination payments will be given to his 22,000 borrowers with disabilities.

The announcement comes months after the Supreme Court struck down Biden’s plan to cancel up to $20,000 in student loans for tens of millions of Americans. After this setback, Biden said he would pursue other avenues to provide relief to his borrowers.

This is breaking news. Please check back for the latest information.

Biden billion Borrowers cancels Debt Student
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