- 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.
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