Biden to forgive $7.4 billion in student debt for 277,000 borrowers

[Pelican Press 0]

Biden to forgive $7.4 billion in student debt for 277,000 borrowers

U.S. President Joe Biden speaks about student loan debt forgiveness in the Roosevelt Room of the White House in Washington, D.C., on Aug. 24, 2022.

Evan Vucci | AP

Here is who benefits from this round of forgiveness

In this round of forgiveness, more than 206,000 borrowers will collectively get $3.6 billion in debt erased through the Biden administration’s new

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, due to the provision that allows for debt forgiveness after shorter periods than other income-driven repayment plans for those who originally took out small amounts for college.

More than 65,000 borrowers will have their loans canceled through fixes to the Department of Education’s income-driven repayment plans, and 4,600 borrowers are benefiting from the improvements to the government’s loan forgiveness program for public servants. Aid for these groups in this round of forgiveness amounts to $3.5 billion and $300 million, respectively.

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