Biden-Harris Administration Announces New Plans for Debt Relief

Diverse Education

Johnny Jackson

April 8, 2024

The Biden-Harris Administration has released initial details of a new set of plans to provide student debt relief to borrowers nationwide.

The plans would include 4 million borrowers who have already been approved for debt cancellation by the Biden-Harris Administration over the past three years.

“These historic steps reflect President Biden’s determination that we cannot allow student debt to leave students worse off than before they went to college,” said U.S. Under Secretary of Education James Kvaal. “The President directed us to complete these programs as quickly as possible, and we are going to do just that.”

The U.S. Department of Education is releasing totals for approved discharge across four existing major student loan forgiveness programs — Public Service Loan Forgiveness (PSLF), Income-Driven Repayment (IDR), Saving On A Valuable Education (SAVE), and Total and Permanent Disability (TPD). In IDR, there is nearly $46 billion in relief to more than 930,000 borrowers. From PSLF, there is $62.5 billion for nearly 872,000 borrowers. In SAVE, there are nearly 153,000 borrowers carrying $1.2 billion in loans who are eligible for shortened time to forgiveness. Under TPD, there is $14.1 billion for 548,300 borrowers.

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