Joe Biden Administration Says It Has Managed To Cancel $15B In Student Loan Debt
Photo Credit: Mandel Ngan
, ,

Joe Biden Administration Says It Has Managed To Cancel $15B In Student Loan Debt

Joe wants folks to know that he’s out here doing it!

According to Complex, the Joe Biden administration has managed to cancel a total of $15 billion in student loan debt since taking office in 2021. 

A press release from the Department of Education also confirmed that more than 675,000 borrowers have come out on the winning end of his student loan forgiveness program. 

The news comes on the heels of President Biden’s move to extend the pause on student loan debt payments until May of this year.

“Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days – through May 1. 2022 – as we manage the ongoing pandemic and further strengthen our economic recovery, he wrote. “Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation.”

Writing Off Student Loan Debt

With the push from legislators to write off student debt, a total of 80 House and Senate members wrote a letter pleading with the president to release a memo confirming his authority to write off student debt.

Lawmakers, including U.S. Senator Elizabeth Warren,  want President Biden to forgive $50,000 for each student loan recipient, which would come with a hefty price tag of $1 trillion. However, the move would allow an additional 36 million students to cancel their debt.

A Long Road To Go

Despite the news of the student debt forgiveness, there are still many people out there feeling the wrath of the cost of funding their education.

While President Biden has managed to eliminate more debt in the student loan department than any other president, Complex reports, “the Education Data Initiative indicates over 43 million Americans still owe a total of approximately $1.75 trillion, or roughly $40,000 per student loan recipient.”