Biden-Harris Administration Delivers Historic Student Debt Relief

A sign calling for student loan debt relief is seen in front of the Supreme Court

With less than three weeks before the November election, the Biden-Harris administration is highlighting its significant efforts in providing student debt relief. Since President Joe Biden took office, over $175 billion in student loan forgiveness has been granted to nearly 5 million individuals, equivalent to 11% of all outstanding federal student loan debt.

One million borrowers have benefited from the Public Service Loan Forgiveness (PSLF) program, which offers loan forgiveness to public-sector workers after 10 years of qualifying payments. The administration has worked to address the program's past administrative challenges, resulting in approximately 60,000 borrowers receiving $4.5 billion in debt relief under PSLF.

Despite facing legal challenges and opposition from Republican-led states, the administration continues to push for student debt relief. Efforts such as the Saving on a Valuable Education (SAVE) repayment plan have faced litigation, with critics questioning the Department of Education's authority to implement costly debt-relief programs.

The Biden administration has also provided relief to permanently disabled borrowers and those defrauded by their colleges, addressing backlogs that accumulated during the previous administration's attempts to limit such programs.

One million borrowers benefited from Public Service Loan Forgiveness program.

Over $175 billion in student loan forgiveness granted under Biden administration.

Challenges faced in implementing debt-relief programs, including legal opposition.

Education Secretary Miguel Cardona acknowledged the challenges faced by borrowers under the PSLF program, emphasizing the administration's commitment to restoring faith in the system. Changes have been made to ensure borrowers are correctly credited for payments and to allow for more flexible forgiveness options.

Despite setbacks, Vice President Kamala Harris reaffirmed the administration's dedication to fighting for student debt relief, recognizing the significant impact it has on individuals' financial well-being and opportunities for homeownership and starting families.

As the administration continues its efforts to lower the cost of higher education and alleviate the burden of student debt, it remains committed to expanding access to relief programs and streamlining application processes for borrowers in need.