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This will bring the total amount of debt forgiveness up to $167 billion for 4.75 million student loan borrowers, or 1 in 10 debt holders, according to the Department of Education.
The Biden administration discharged another $4.9 billion in student loan debt for more than 73,600 borrowers, the Education Department announced. That brings the total amount discharged since ...
The new plans are the administration’s latest efforts to provide relief to borrowers of student loans after the Supreme Court struck down Biden’s original plan to cancel up to $20,000 in debt ...
Total student loan debt, currently $1.76 trillion, continues to climb as a number of borrowers do not have access to debt relief, according to the Education Data Initiative. Notably, 47.9 million ...
This would reduce debt for an estimated 43 million borrowers and eliminate student loan debt for an estimated 20 million. [158] The Congressional Budget Office estimated that it would cost the government about $400 billion. [159] [160] [161] The administration also proposed a new income-driven repayment plan. [162]
In June, 43.6 million Americans held federal student loan debt, with an average balance of $38,000 per borrower. In total, the U.S. has a collective balance of over $1.7 trillion in student loans ...
In 10 years, the loan program experienced 230% growth in the loan portfolio and 130% growth in the loan recipients. Student loan debt in 2019 is the highest it has ever been. According to the latest loan debt statistics, student loan debt has become the second highest consumer debt category behind mortgage debt. [15]
Biden, a Democrat, last year pledged to find other avenues for tackling debt relief after the Supreme Court in June blocked his broader plan to cancel $430 billion in student loan debt.
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