President Joe Biden announced that his administration will forgive more than $7 billion in student loan debt for 160,000 people.
The White House statement On Wednesday, it was announced that 160,000 people in the United States would have their student loans canceled, eliminating a total of $7.7 billion in student loans.
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In June 2023, the Supreme Court issued a 6-3 decision blocking Biden’s plan to cancel $430 billion in student loan debt for about 40 million people.
“Today, my administration forgave the student loans of an additional 160,000 people, bringing the total number of Americans who have received debt relief to 4.75 million,” Biden said in a statement. “Each of these borrowers received an average of more than $35,000 in debt cancellation.”
Biden says 160,000 people who received student loan forgiveness are enrolled in the Biden administration’s Savings for a Valuable Education (SAVE) plan and work as teachers, nurses and even law enforcement. He explained that it was people.
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Biden’s latest announcement comes after he said in April that his administration would forgive payment on the student loans of more than 270,000 borrowers who were enrolled in Biden’s SAVE Plan.
As of March, more than 75 million people with student loans reportedly enrolled in SAVE plans since the program launched in August 2023.
SAVE plans are income-driven repayment (IDR) plans that assist borrowers. search This will result in the lowest monthly loan payment.
“From day one in office, I promised to fight to make higher education a ticket to the middle class, not a barrier to opportunity,” Biden added in a statement. “No matter how many times Republicans try to stop us, I will never stop working to cancel student debt.”
