Biden's latest student loan play
Business & Economy
Business & Economy
The Big Story
Biden announces student loan relief for 150,000
A recent round of student loan forgiveness by President Biden brings the total number of individuals impacted by debt relief in his term to more than 5 million.
© The Associated Press
The Biden administration announced Monday it was forgiving student loans for more than 150,000 borrowers.
The new batch is made up of 85,000 individuals who were defrauded by their schools, 61,000 people with permanent or total disabilities and 6,100 public service workers.
In total, the Biden administration has now spent $183.6 billion to forgive student loans.
The record amount of student debt relief by any president was made possible due to a number of changes the administration made to the Borrower Defense program and the Public Service Loan Forgiveness (PSLF) program to make it easier for borrowers in these categories to receive forgiveness.
Under PSLF, more than 1 million borrowers have received relief, compared to only 7,000 before the start of the Biden administration.
Officials with the Biden administration emphasized how helpful the forgiveness has been for everyday Americans ahead President-elect Trump’s inauguration — and the subsequent likely slowdown of federal efforts on student loans.
Officials would not say if this was the last round of relief borrowers could expect before the president leaves office next week.
The Hill's Lexi Lonas Cochran has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
Did someone forward you this newsletter? Subscribe here.
Essential Reads
Key business and economic news with implications this week and beyond:
CEOs are bracing for Trump tariff disruption: Survey
Business executives are increasingly planning to modify their supply chains, citing the risk of disruption and cost concerns ahead of wide-ranging tariffs expected from the incoming Trump administration.
........© The Hill
