The Biden administration has implemented several student loan forgiveness programs since taking office in 2021, providing over $167 billion in relief to 4.75 million borrowers as of May 2024. These programs aim to alleviate the financial burden faced by millions of Americans struggling with student debt.The main initiatives include:
Income-Driven Repayment Plans
Borrowers can pay a portion of their discretionary income monthly, with the remaining balance forgiven after a specified period. The administration has granted account adjustments to give borrowers credit for certain periods that previously didn’t count, benefiting 1 million people with nearly $50 billion in forgiveness.
Public Service Loan Forgiveness (PSLF)
Over 876,000 public servants have had $62 billion in debt erased by expanding eligibility and allowing reapplications. The PSLF help tool can be used to search for qualifying employers and access the employer certification form.
Borrower Defense Loan Discharge
1.6 million borrowers have eliminated $28 billion in debt due to school closures or misrepresentation. Eligible borrowers can apply with the Education Department.
548,000 disabled borrowers have received $14.1 billion in forgiveness. Proof of a severe, permanent disability can come from a doctor, Social Security Administration, or VA.To apply for these programs, borrowers should visit StudentAid.gov/debtrelief and StudentAid.gov for more information on specific eligibility requirements and application processes.
