The announcement on December 6 stated that another sum to be released this time was $4.8 billion to cater for about 80,300 students’ loans. This was a significant gesture. Updates made in the Public Service Loan Forgiveness Program and the Income-Driven Repayment Plans have also offered help.
Biden student loan debt relief announced forgiveness of billions of student loans. (Photo: NPR)
The Biden Administration’s Commitment to Student Debt Relief
President Joe Biden announced that 80,300 people would have their $4.8 billion in student loan debt forgiven. He did this to show how committed his government is to making the student loan system better. This is part of a larger plan to keep campaign pledges and make things easier for students financially.
Regarding what his administration might have done well, Biden mentioned substantial incensements in Pell grants, some modifications with respect to the Public Service Loan Forgiveness Program, and the institution of the SAVE plan, which is an outstanding income-driven repayment plan.
Biden acknowledged the problems that borrowers were having and promised to use all available tools to help and make sure that higher education is seen as a chance for success rather than a drag.
READ ALSO: Biden Announces $4.8 billion in Student Loan Debt Forgiveness for 80,300 Borrowers
Impact on Borrowers and Ongoing Efforts
The loan forgiveness program is meant to help 46,000 people in income-driven payback plans and 34,400 public service workers who have had trouble getting the debt cancellation they were promised. The total help is part of the administration’s plan to help over 3.6 million Americans get rid of their college debt, which amounts to about $132 billion.
Biden told borrowers to apply for help through studentaid.gov and stressed that the administration would look into other ways to get rid of debt, especially after court challenges.
Even though the Supreme Court’s ruling changed the original plan for debt relief, Biden reassured borrowers that his administration is actively looking into other ways to get relief quickly.
READ ALSO: Biden Announces $4.8 billion in Student Loan Debt Forgiveness for 80,300 Borrowers
