The White House is forgiving student loans for more than 150,000 borrowers
Biden-Harris administration on Monday announced an additional round of student loan forgiveness, canceling the balances of over 152,000 borrowers. The simplified loans total nearly $4 billion.
The latest relief news concerns three groups: 6,100 borrowers enrolled in Community Service Loan Forgiveness Program; 85,000 borrowers who were defrauded or defrauded by their schools; and 61,000 borrowers with total or permanent disabilities. That brings the administration’s total student loan forgiveness to $183.6 billion for more than 5 million borrowers over the past four years.
Senior administration officials have not confirmed whether this is the last round of pardons before President-elect Donald Trump takes office next Monday, January 20. However, Deputy Secretary of Education James Quall said in the release that the current administration is looking forward to student loan forgiveness programs already approved by Congress, such as PSLF and approved income-driven repayment plans to continue.
Notifications are being sent to eligible borrowers, so keep an eye on your email to see if your balances have been simplified. You can also check the status of your student loans and forgiveness StudentAid.gov.
Read more: New “buyback” student loan forgiveness program can help you get debt relief sooner