Although President Joe Biden has not fulfilled his pledge for widespread student loan forgiveness, his administration has canceled student debt for over five million Americans—an achievement unmatched by any other U.S. president.
Why It Matters
Student loan debt has prevented Americans from buying homes, getting married and starting families, according to polls. The issue has also become a political debate about how to solve the increasing levels of debt.
What To Know
On Monday, the Department of Education canceled student loans for 150,000 borrowers through pre-existing programs that were expanded and fully leveraged under the Biden administration. Despite the Supreme Court’s rejection of his broader forgiveness proposal, Biden has pressed ahead with cancellations using these programs.
The Biden administration reports that it has forgiven a total of $183.6 billion in student loans to more than five million Americans.
The surge in student loan cancellations may come to a halt as President-elect Donald Trump assumes office. While Trump has not outlined specific policies, he has previously described loan forgiveness as
Biden’s Total for Student Debt Cancellations Surpasses 5 Million Americans
