Biden’s final student loan forgiveness? 150,000 borrowers get $4.2B in debt cancelled

With one week left in his presidency and after failing to deliver on his promise of wide-scale student loan cancellation, President Joe Biden announced on Monday that his administration would cancel student loans for more than 150,000 borrowers, targeting those who attended schools that defrauded students, those with permanent disabilities and public service workers.

This debt forgiveness amounts to $4.2 billion, bringing the total to about $183.6 billion in student loans forgiven since Biden took office, according to the Education Department. “Today, my Administration is approving student loan relief for more than 150,000 borrowers – bringing the total number of Americans who have had their student debt cancelled by my Administration to over 5 million,” said President Biden.