150,000 Borrowers Have Their Student Loans Canceled—Biden’s Latest Action Tackles Fraud and Disabilities

Race Day Live (January 2025) – On Monday, President Joe Biden announced that his administration would cancel student loans for more than 150,000 borrowers, as part of an ongoing effort to provide relief to those facing financial challenges. The total value of this cancellation amounts to over $4.2 billion, bringing the total student debt forgiveness under Biden’s administration to over $183.6 billion across 28 relief actions.

The 150,000 borrowers receiving relief include individuals who attended schools that defrauded students, those with permanent disabilities, and public service workers. Specifically, nearly 85,000 borrowers attended institutions accused of “cheating and defrauding their students.” Around 61,000 borrowers who are living with permanent disabilities will also benefit from the forgiveness. Additionally, 6,100 public service workers will see their student loans canceled.

In a statement, President Biden highlighted the significance of this move, saying, “The total number of Americans who have had their student debt canceled by my administration now exceeds 5 million.” This marks another milestone in Biden’s ongoing efforts to provide relief to Americans burdened by student loan debt.

Despite facing legal challenges, particularly from Republican lawmakers and courts, Biden has remained committed to fulfilling his campaign promise of providing student loan relief. The new debt forgiveness actions further reinforce the administration’s commitment to addressing the financial struggles faced by many Americans, especially those affected by fraudulent institutions or enduring disabilities.

As the U.S. Education Department noted, this most recent round of student loan cancellation continues the administration’s broader mission to tackle the student loan crisis and provide relief to borrowers in need. While the program has encountered legal opposition, this move demonstrates the Biden administration’s resolve to ease the burden of student debt for millions of Americans.

As of now, the total amount of student loan forgiveness granted under the Biden administration is over $183.6 billion.

Reference – Biden forgives student loans for 150,000 borrowers, bringing total to 5 million