Biden’s student loan forgiveness canceled this large debt, but here’s how much still remains



Here’s how much student loan debt President Joe Biden canceled – and how much student loan debt is left

Here’s what you need to know.

Student loans

After becoming president in January, Biden canceled more student loan debt than any other president… This includes:

  • $ 5.8 billion student loans for student loan borrowers with full and permanent disability;
  • $ 1.3 billion – student loan cancellation for 41,000 student loan borrowers in March;
  • over $ 1.5 billion in student loans through borrower protection prior to repayment for nearly 92,000 student loan borrowers; and
  • Another $ 1.1 billion in student loans were canceled today due to borrower protection to maturity.

In total, Biden canceled nearly $ 9.8 billion in student loans. (Here how to know if you are eligible for a $ 9.8 billion student loan forgiveness). This student loan cancellation focused on two main areas: complete and permanent disability and borrower protection until maturity. Full and permanent disability is a federal student loan forgiveness for student loan borrowers who are disabled and can no longer receive income. Borrower protection from repayment is an Obama-era rule whereby federal student loans are forgiven for student loan borrowers who have been misled by their college or university.


Source link