President Joe Biden announced on Monday that his administration will be taking steps to alleviate the burden of student loans for over 150,000 borrowers. The focus will be on individuals who were victims of fraudulent practices by educational institutions, those who have permanent disabilities, and public service workers.
According to Biden, his administration has now canceled the student debt of over 5 million Americans.
According to a statement by President Biden, about 150,000 borrowers have been approved for student loan relief. Among these borrowers, nearly 85,000 attended schools that engaged in fraudulent practices and cheated their students. Additionally, there are 61,000 borrowers who have permanent disabilities and 6,100 public service workers who are eligible for this relief.
According to the U.S. Education Department, the Biden administration has announced a total of $183.6 billion in student loan forgiveness through 28 debt relief actions. The latest relief, announced on Monday, accounts for over $4.2 billion.
The Biden administration has encountered legal obstacles from Republicans and the courts in its efforts to provide student debt relief. This was a significant campaign pledge by Biden during his run for the presidency in 2020.
