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With just days left in his term, President Joe Biden announced on Monday (January 13) that his administration has approved student loan relief for over 150,000 borrowers. The latest beneficiaries include over 80,000 borrowers who were defrauded by their schools, more than 60,000 borrowers with total and permanent disabilities, and over 6,000 public service workers. The relief primarily comes through existing programs like borrower defense, which allows students to cancel loans if they were misled by their colleges.
Biden's administration has focused on expanding pre-existing federal student loan forgiveness programs despite the Supreme Court's rejection of his broader forgiveness plan in 2023. The administration has also improved the Public Service Loan Forgiveness program and fixed errors in income-driven repayment plans.
Overall, the Biden administration forgave loans for about five million borrowers worth a combined $183 billion.
The announcement comes as President-elect Donald Trump prepares to take office. Trump and congressional conservatives have criticized Biden's efforts, arguing they unfairly burden taxpayers who did not attend college. There is uncertainty about how the new administration will handle student loan policies, but some Republicans have suggested reversing Biden's changes will be a priority.