President Joe Biden is issuing another wave of relief for student loan borrowers.
According to Fortune, the president announced plans to forgive another $9 billion in student loan debt.
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“This kind of relief is life-changing for individuals and their families,” Biden said during a White House press conference. “But it’s good for our economy as a whole as well.”
He continued: “By freeing millions of Americans from the crushing burden of student debt, it means they can go and get their lives in order. They can think about buying a house, they can start a business, or starting a family. This matters. This matters in their daily lives.”
The Biden Administration’s Student Loan Forgiveness Program
As previously reported by AFROTECH, in January 2022, the Biden Administration revealed that it canceled a total of $15 billion in student loan debt since he took office in 2021.
What’s more, the Department of Education (DOE) confirmed that over 675,000 borrowers came out on the winning side of his student loan forgiveness program so far at the time.
The recent move comes as millions of Americans prepare to resume student loan payments that were initially paused by former President Donald Trump in an effort to assist citizens during the COVID-19 pandemic, per Fortune.
Who Will Benefit From The Relief?
With the new wave of relief, an additional 125,000 borrowers will have their student loans forgiven.
To date, the total debt cancellations approved by Biden’s administration sits at $127 billion. Thanks to this, 3.6 million Americans are free of the strain that comes with the debt of student loan repayment.
Additionally, a total of 51,000 loan recipients who have paid at least 20 years but never received relief will be provided with roughly $2.8 billion as an upgrade to the current income-driven repayment in place, Fortune reports.
Lastly, another 22,000 borrowers who have a total or permanent disability will benefit from $1.2 billion in relief, per the White House.