In a significant move, President Joe Biden's administration has declared the cancellation of $1.2 billion in student debt, a decision that will impact 153,000 Americans.

The debt cancellation is part of Biden's Saving on a Valuable Education (SAVE) repayment plan, introduced in 2023. The Supreme Court had previously rejected the administration's proposal to forgive student loans for nearly 40 million Americans, ruling 6-3 against it in June 2023.

Education Secretary Miguel Cardona, in a press release, stated, "With today's announcement, we are once again sending a clear message to borrowers who had low balances: if you've been paying for a decade, you've done your part, and you deserve relief." He further added that under Biden's leadership, loan forgiveness has been approved for nearly 3.9 million borrowers, and the fight to cancel student debt is far from over.

According to the press release, the debt relief will apply to borrowers who have been repaying their loans for at least ten years and who have taken out $12,000 or less for higher education. The Biden administration, using executive action, has now cancelled $138 billion in student loan forgiveness for nearly 3.9 million borrowers.

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February 22, 2024

In August 2022, Biden had announced his intention to cancel up to $10,000 in student loan debt for non-Pell Grant recipients and up to $20,000 for Pell Grant recipients, using the 2003 HEROES Act. This legislation empowers the Secretary of Education to "waive or modify" provisions of student financial assistance programs during a national emergency to ensure recipients are "not placed in a worse position financially."

The White House press release stated, "This shortened time to forgiveness will particularly help community college and other borrowers with smaller loans and put many on track to being free of student debt faster than ever before." It further highlighted that under the Biden-Harris Administration's SAVE plan, 85 percent of future community college borrowers will be debt-free within ten years. The Department will continue to identify and discharge other borrowers eligible for relief under the SAVE provision.

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