-The Biden administration announced Friday it was forgiving student debt for another 277,000 borrowers.

-After the Supreme Court struck down President Joe Biden’s wide-scale debt cancellation plan, the president directed the U.S.
Department of Education to examine its existing authority to reduce and eliminate students’ debts.

-Mainly by improving current loan relief programs, the department has cleared the education debts of 4.3 million people, totaling $153 billion in aid, while Biden has been in office.

In this round of forgiveness, more than 206,000 borrowers will collectively get $3.6 billion in debt erased through the Biden administration’s new Saving on a Valuable Education, or SAVE, plan, due to the provision that allows for debt forgiveness after shorter periods than other income-driven repayment plans for those who originally took out small amounts for college.

More than 65,000 borrowers will have their loans canceled through fixes to the Department of Education’s income-driven repayment plans, and 4,600 borrowers are benefiting from the improvements to the government’s loan forgiveness program for public servants. Aid for these groups in this round of forgiveness amounts to $3.5 billion and $300 million, respectively.

Biden’s 2020 campaign promise to erase student debt was thwarted at the Supreme Court last June. The conservative justices ruled that Biden’s $400 billion loan cancellation plan was unconstitutional.

https://www.cnbc.com/2024/04/12/bide...borrowers.html

Promises Made, Promises kept, Jack.