- President Joe Biden announced on Wednesday that he’d approve $9 billion in student loan forgiveness for 125,000 Americans.
- The relief is a result of his administration’s fixes to number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.
President Joe Biden holds a Cabinet meeting at the White House on Oct. 2, 2023.
Kevin Dietsch | Getty Images
President Joe Biden announced on Wednesday that he’d approve $9 billion in student loan forgiveness for 125,000 Americans.
The relief is a result of his administration’s fixes to number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness.
More than $5 billion of the aid will go to 53,000 borrowers who’ve worked in public service for a decade or more; $2.8 billion of the forgiveness is for 51,000 borrowers enrolled in income-driven repayment plans; and another $1.2 billion of the cancellation will go to 22,000 borrowers with disabilities.
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