Biden Administration Forgives $127 Billion in Student Loans

Approximately 813,000 borrowers notified of debt cancellation, with more relief expected as the Education Department crafts a new forgiveness plan.

President Joe Biden has sent emails to approximately 813,000 student loan borrowers, notifying them of their debt forgiveness.
The Biden administration has so far erased $127 billion in student debt for more than 3.5 million borrowers, more than any other president in history.
The debt cancellation was delivered through existing programs, including Public Service Loan Forgiveness and income-driven repayment plans.
Biden's plan to cancel up to $400 billion in student debt for tens of millions of Americans was rejected at the Supreme Court in June.
The Education Department is currently crafting a new plan for student-loan forgiveness after the Supreme Court's rejection.