On Tuesday, May 21, 2024, the United States Department of Education announced the approval of an additional $7.7 billion in student loan debt relief by the Biden-Harris administration.
The loan forgiveness will benefit 160,500 borrowers.
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“The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” said U.S. Secretary of Education Miguel Cardona in a press release.
The loan forgiveness will benefit three categories of borrowers: those receiving Public Service Loan Forgiveness (PSLF), those enrolled in and eligible for Biden’s Saving on a Valuable Education Plan (SAVE), and those receiving forgiveness under income-driven repayment (IDR).
This latest approval brings the total debt forgiveness by the Biden-Harris administration to $167 billion, with more than one in 10 federal student loan borrowers approved for at least some debt relief.
“One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted,” said Cardona.
Meanwhile, Republican-led states continue their mission to block Biden’s SAVE Plan. In late March 2024, 11 Republican states filed a federal lawsuit, arguing that the President was overstepping his authority in creating the plan. In April, another group of 7 Republican-led states also sued.
