President Joe Biden has overseen the cancellation of student loans for more than 5 million Americans, making it the most significant act of loan forgiveness in U.S. history. Despite his failure to deliver on broad student loan forgiveness promises, the Education Department canceled loans for 150,000 borrowers through existing programs that were expanded under Biden’s administration. The total amount forgiven adds up to $183.6 billion.
The wave of cancellation includes programs such as borrower defense, relief for borrowers with disabilities, and Public Service Loan Forgiveness. The Biden administration worked to expand eligibility for forgiveness under these programs, resulting in more borrowers being able to access relief. The administration also temporarily relaxed eligibility rules during the pandemic, resulting in over 1 million public servants having their loan balances zeroed out.
Biden’s ambitious student debt cancellation plans were blocked by the Supreme Court, prompting the administration to focus on maximizing relief through existing mechanisms. Republicans have been vocal opponents of Biden’s loan forgiveness efforts, with some proposing to eliminate programs like Public Service Loan Forgiveness and borrower defense.
With Republicans set to take control of both chambers of Congress and the White House, Biden’s changes to student loan forgiveness could face potential rollbacks. It remains unclear how far the next administration will go in tightening the spigot of loan forgiveness. Despite facing challenges from conservatives, the Biden administration remains committed to providing relief to borrowers burdened by student loans.
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