Biden Has Canceled Student Loan Debt For 3.6 Million Americans And He Just Announced Even More
The Biden administration announced that they are canceling even more student loan debt, as the president continues to put people first.
The Daily is a 100% subscriber-supported newsletter, and with so few non-corporate news sources available, we need your help more than ever, so if you enjoy our work, please consider becoming a subscriber.
President Biden Announces More Action To Forgive Student Loan Debt
President Biden’s comprehensive student loan debt relief program has been blocked by the Supreme Court, so the President has had to work within the parameters of his executive powers to deliver as much action as legally possible on his own.
Biden announced in a statement on Friday morning:
From Day One of my Administration, I vowed to fix the student loan system and make sure higher education is a pathway to the middle class – not a barrier to opportunity. Already, my Administration has cancelled student debt for 3.6 million Americans through various actions - delivering lifechanging relief to students and families, and we created the most affordable student loan repayment plan ever: the SAVE plan.
I am proud that my Administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule. Starting next month, borrowers enrolled in SAVE who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt cancelled immediately. This action will particularly help community college borrowers, low-income borrowers, and those struggling to repay their loans. And, it’s part of our ongoing efforts to act as quickly as possible to give more borrowers breathing room so they can get out from under the burden of student loan debt, move on with their lives and pursue their dreams.
I encourage all borrowers who may be eligible for early debt cancellation to sign up for the SAVE plan at studentaid.gov. Already, 6.9 million borrowers are enrolled in the plan, and 3.9 million have a $0 monthly payment.
Student loans are an example of a broader Biden philosophy on how presidential power should be used and the role of government that we will talk about below.