October 4th 2023.
Today, President Joe Biden announced a new wave of student debt relief. This brings the total approved debt cancellation by his administration to $127 billion for nearly 3.6 million Americans.
Biden stated, "This kind of relief is life changing for individuals and their families. But it's good for our economy as a whole as well." He expressed his dedication to deliver student debt relief to as many people as possible as quickly as possible.
The $9 billion in student debt relief approved by the Biden administration will benefit 125,000 borrowers. This includes $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs, nearly $2.8 billion in new debt relief for 51,000 borrowers through fixes to income-driven repayment, and $1.2 billion for 22,000 borrowers with a disability.
The President concluded his remarks by saying, "My administration is doing everything it can to deliver student debt relief to as many as we can, as fast as we can." He has pledged to keep fighting for student loan forgiveness after the Supreme Court blocked his plan to cancel hundreds of billions of dollars in debt.
This new wave of student debt relief is a crucial step towards providing relief for millions of Americans and building an economy that works for everyone. It serves as an important reminder of the Biden administration's commitment to tackling the student debt crisis.
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