Biden administration announces another $4.9 billion in student loan forgiveness

President Biden’s administration has announced that $4.9 billion in student debt was recently forgiven.

The Department of Education made the announcement on Friday, stating that the student loans are being forgiven as a result of Income-driven repayment forgiveness and Public Service Loan Forgiveness.

$1.7 billion in student loan forgiveness was handed out through “administrative adjustments” to the Income-driven repayment program for 29,700 borrowers. 

$3.2 billion was forgiven for 43,900 borrowers through the Public Service Loan Forgiveness.

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“The Biden-Harris Administration has worked relentlessly to fix our country’s broken student loan system and address the needless hurdles and administrative inaccuracies that, in the past, kept borrowers from getting the student debt forgiveness they deserved,” said U.S. Secretary of Education Miguel Cardona. 

”The nearly $5 billion in additional debt relief announced today will go to teachers, social workers, and other public servants whose service to our communities have earned them Public Service Loan Forgiveness, as well as borrowers qualifying for income-driven repayment forgiveness because their payments are for the first time being accurately accounted for. Thanks to President Biden’s leadership, we’re approving this loan forgiveness while moving full speed ahead in our efforts to deliver even greater debt relief, and help more borrowers get on a faster track to loan forgiveness under our new, affordable SAVE repayment plan.”

The Biden administration has forgiven more than 136.6 billion in student loans so far.