Biden Administration Cancels Student Loans for 150,000

In a significant move just before the end of his term, President Joe Biden announced the cancellation of student loans for over 150,000 borrowers, bringing the total to more than 5 million individuals benefiting from debt relief under his administration. This total represents $183.6 billion in student loans forgiven, primarily through existing programs like borrower defense, which aids those misled by their colleges, and the Public Service Loan Forgiveness program. Despite the Supreme Court's rejection of his broader student loan forgiveness plan, Biden's administration has utilized these pre-existing programs to provide relief, focusing on vulnerable borrowers. The latest round of debt relief includes over 80,000 individuals who were defrauded by their institutions and more than 60,000 borrowers with permanent disabilities. The future of these initiatives is uncertain as President-elect Donald Trump is expected to attempt to reverse Biden's policies. Biden's efforts have been met with criticism from Republicans who argue that cancellation unfairly burdens taxpayers who did not attend college or have already repaid their loans.