Biden Forgives $39 Billion in Student Loans
Latest Update on the Federal Student Loan Forgiveness Plan
Affordable Student Loan Programs Launched
On August 24th, the White House revealed its plan to forgive up to $20,000 in federal student loans for eligible borrowers. As of today, the administration has approved loan relief for nearly 39 million borrowers who were counting on this financial assistance.
Earlier this year, the Biden-Harris Administration launched the most affordable student loan plan to date. This plan provides a number of benefits, including lower interest rates, extended repayment periods, and the ability to refinance existing loans.
Biden's initial loan forgiveness initiative would have forgiven $10,000 from nearly every federal student loan. However, this initiative has been met with legal challenges and is currently on hold.
The Biden administration has announced nearly $40 billion in student loan forgiveness this week. This brings the total amount of forgiven student debt to $39 billion.
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