Biden forgives student loans for 150,000 borrowers, bringing total to 5 million

By Kanishka Singh

WASHINGTON (Reuters) -President Joe Biden said on Monday his administration would cancel student loans for more than 150,000 borrowers, targeting those who attended schools that defrauded students, those with permanent disabilities and public service workers.

Biden said the total number of Americans who have had their student debt canceled by his administration was now over 5 million.

The 150,000 borrowers for whom student loan relief was approved included almost 85,000 borrowers who attended schools that "cheated and defrauded their students," 61,000 borrowers with permanent disabilities, and 6,100 public service workers, Biden said in a statement.



Across 28 debt relief actions, including Monday's, the Biden administration has announced $183.6 billion in student loan forgiveness, the U.S. Education Department said separately on Monday. Monday's relief amounts to over $4.2 billion, it added.

The Biden administration has faced legal hurdles from Republicans and courts in its plans for student debt relief, which was an important campaign promise by Biden when he ran for the White House in 2020.

Source: Investing.com