Press Release
☷Biden Harris Administration Announces Additional $4 9 Billion in Approved Student Debt Relief
U.S. Department of Education ( By Press Release office)
Jan 21,2024
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The Biden - Harris Administration just announced that they ' re approving an extra $4 . 9 billion in student loan debt relief for 73 , 600 borrowers . This is because they made some fixes to the income - driven repayment ( IDR ) forgiveness and Public Service Loan Forgiveness ( PSLF ) programs . With this announcement , the total loan forgiveness approved by the Biden - Harris Administration is now $136 . 6 billion for over 3 . 7 million Americans . U . S . Secretary of Education Miguel Cardona said that they ' ve been working hard to fix the broken student loan system and help borrowers get the debt forgiveness they deserve . This extra $5 billion in debt relief will go to teachers , social workers , and other public servants who qualify for Public Service Loan Forgiveness , as well as borrowers who qualify for income - driven repayment forgiveness . The Biden - Harris Administration is committed to providing even more debt relief and helping more borrowers get on track for loan forgiveness through their new SAVE repayment plan . Here ' s a breakdown of the debt relief: $1 . 7 billion for 29 , 700 borrowers through adjustments to IDR payment counts , and $3 . 2 billion for 43 , 900 borrowers through Public Service Loan Forgiveness . The Biden - Harris Administration is determined to help all those affected by the broken student loan system . They also recently announced the early implementation of the Saving on a Valuable Education ( SAVE ) Plan for additional loan forgiveness . If you borrowed $12 , 000 or less for college and are in the SAVE Plan , you could get your debt forgiven after just 10 years of payments . Starting next month , those in SAVE who are eligible for early forgiveness will have their debts automatically canceled , without needing to do anything . The Department is reaching out to borrowers who could be eligible but haven ' t signed up for SAVE yet , and they ' re also working with partners to help more borrowers sign up . You can find resources and sign up for the SAVE plan at StudentAid . gov/save . The Biden - Harris Administration has done a lot to help students with their debt . They increased Pell Grants by the largest amount in 10 years and made rules to protect borrowers from career programs that leave them with too much debt or not enough income . They ' re also working on a new plan to help with student debt relief . In addition to the relief provided through IDR and PSLF , the Administration has approved $11 . 7 billion for over 513 , 000 borrowers with permanent disabilities and $22 . 5 billion for more than 1 . 3 million borrowers who were cheated by their schools or had their schools close .
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