Biden Administration Announces Additional $9 Billion In Student Loan Forgiveness
The relief will only assist a small quantity of borrowers as over 45 million people still hold $1.75 trillion in student loans.
The White House announced it is forgiving an additional $9 billion in student loans for borrowers who have been on an Income Driven Repayment or Public Service Loan Forgiveness plan.
The money is intended to forgive the debt of 125,000 borrowers with 53,000 getting relief under the Public Service Loan Forgiveness, 51,000 through an IDR plan and 22,000 who have a total or permanent disability.
The relief will only assist a small quantity of borrowers as over 45 million people still hold $1.75 trillion in student loans.
The announcement comes just days after federal student loan payments restarted after a three year pause.
