President Joe Biden's efforts to address student loan debt have impacted millions of Americans, with approximately 4 million individuals benefiting from debt cancellation. While Biden's administration has forgiven more student debt than any previous administration, a significant legal setback last year hindered the implementation of a groundbreaking debt relief program.
Despite the Supreme Court striking down Biden's new debt forgiveness program, the administration has approved the cancellation of around $144 billion in federal student loans since taking office. This amounts to 9% of the total $1.6 trillion federal student loan debt held by borrowers. Biden's team has also made it easier for specific groups, such as public-sector workers, disabled borrowers, and those defrauded by for-profit colleges, to qualify for debt forgiveness under existing programs.
While the administration is working on developing a new student loan forgiveness program using a different legal authority, ongoing debt cancellations and repayment plans aim to alleviate the burden on current and future borrowers. Biden remains committed to addressing student debt, despite facing challenges from a conservative-leaning Supreme Court.
Under the Trump administration, efforts were made to restrict access to debt cancellation programs, such as stalling the processing of claims and changing cancellation calculations. In contrast, Biden has reversed some of these policies, providing relief to over 1.3 million borrowers through programs like borrower defense to repayment and Public Service Loan Forgiveness.
Although Biden's initial debt forgiveness program faced legal obstacles, the administration is determined to find alternative solutions to provide relief to borrowers. Advocates emphasize the importance of acknowledging the progress made in student debt cancellation and urge continued efforts to address the underlying issue of the high cost of college education.
As student loan debt remains a significant concern for many voters, particularly younger demographics, the push for comprehensive policies to make higher education more affordable continues. While challenges persist, the focus on student loan forgiveness and broader education reform remains a key priority for the Biden administration and advocacy groups.
