Biden Administration Approves Additional $4.9 Billion in Student Loan Forgiveness

The new round of debt relief, part of ongoing efforts to fix the student loan system, will benefit over 73,000 borrowers, with alternatives available for those who do not qualify.

Biden administration approves an additional $4.9 billion in student loan debt relief for 73,600 borrowers, bringing the total loan forgiveness to $136.6 billion for more than 3.7 million Americans.
The new round of student loan forgiveness is the result of fixes to income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF), benefiting teachers, social workers and other public servants.
Not all borrowers will qualify for this round of student loan forgiveness. Alternatives for those who don't qualify include private student loan refinancing.
The debt relief is categorized as $1.7 billion for 29,700 borrowers through administrative adjustments to IDR payment counts and $3.2 billion for 43,900 borrowers through PSLF.
The Biden administration will continue implementing the IDR Account Adjustment through this summer. Those who qualify for the adjustment, but fall short of the milestone for immediate loan forgiveness, will be notified of how much IDR credit they have after July 1.