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President Joe Biden confirmed the authorization of an additional $9 billion for student debt relief benefitting 125,000 borrowers.
This move comes after the Supreme Court’s decision to stop Biden’s proposition to wipe out a substantial portion of student debt. The recent announcement boosts the total debt eradicated under Biden’s leadership to $127 billion, impacting close to 3.6 million Americans.
Biden highlighted the impact of such relief measures, stating, “This kind of relief is life changing for individuals and their families. But it’s good for our economy as a whole as well.” The White House detailed the allocation of the funds: $5.2 billion is designated for the Public Service Loan Forgiveness program, assisting 53,000 borrowers. About $2.8 billion will facilitate debt relief for roughly 51,000 borrowers via “income-driven repayment,” catered to those who made payments for two decades or more “but never got the relief they were entitled to.”
Furthermore, $1.2 billion will be directed to around 22,000 borrowers with disabilities, identified in collaboration with the Social Security Administration. Expressing commitment, Biden remarked, “My administration is doing everything it can to deliver student debt relief to as many as we can, as fast as we can.”