Some of Biden's efforts have involved bolstering existing programs, like public service loan forgiveness. Americans who are saddled with unsustainable debt in exchange for a college degree has become the norm," he said. "While a college degree is still the ticket toward a better life, that ticket has become excessively expensive. "My administration is doing everything we can to deliver student debt relief to as many as we can, as fast as we can," Biden said. He has been relying on a patchwork of different programs to chip away at debt, such as the SAVE Plan announced last year, which lowers payments by tying them to borrowers' income. He pledged to help alleviate the burden of student debt while running for president, and he's been under pressure to follow through even though his original plan was overturned by the conservative majority on the Supreme Court.īiden said the decision was responsible for "snatching from the hands of millions of Americans thousands of dollars of student debt relief that was about to change their lives." "We're not done yet," Biden said in the Roosevelt Room at the White House.ĪLSO READ | What to know as student loan repayment resumes in OctoberĪ federal policy that has kept interest rates on student loans frozen at 0% for more than three years ends on September 1. In total, 3.6 million borrowers will have had $127 billion in debt wiped out since Biden took office. The Democratic president's latest step will help 125,000 borrowers by erasing $9 billion in debt through existing programs. The announcement comes as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic and Biden tries to fulfill his campaign promises on debt relief as he runs for reelection. President Joe Biden outlined a new round of federal student loan forgiveness on Wednesday to address the "unsustainable debt" that borrowers accumulate to complete their college education. When do student loan payments start? After the Supreme Court rejected a student loan forgiveness program, payments are resuming in October.
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