Biden Concludes Presidency with Historic $188.8 Billion in Student Loan Forgiveness

President Biden's administration forgave loans for over 5.3 million borrowers, but many of his broader plans faced legal and political challenges.

The Biden administration announced its final act of student loan forgiveness this week, erasing $600 million in debt for 8,650 borrowers, including those on income-driven repayment plans and defrauded students from DeVry University.
Throughout his presidency, Biden's administration forgave $188.8 billion in student loans for over 5.3 million borrowers through 33 executive actions, the most in U.S. history.
Biden's broader plans, including the SAVE income-driven repayment program and widespread forgiveness of up to $20,000 per borrower, faced significant legal challenges, with key components blocked by courts.
The administration expanded eligibility for Public Service Loan Forgiveness (PSLF), granting $78.46 billion in relief to 1.1 million borrowers, compared to just 7,000 before Biden took office.
With President-elect Trump set to take office, the future of Biden-era student loan policies remains uncertain, as Republican leaders signal opposition to broad forgiveness programs.