Biden-Harris Administration Announces Additional $7.4 Billion in Approved Student Debt Relief for 277,000 Borrowers

National-The Biden-Harris Administration announced today the approval of $7.4 billion in additional student loan debt relief for 277,000 borrowers. These discharges primarily are for borrowers who signed up for President Biden’s Saving on a Valuable Education (SAVE) Plan and are eligible for its shortened time-to-forgiveness benefit and as a result of fixes made by the Administration to income-driven repayment (IDR) forgiveness. This action comes as nearly 8 million borrowers have been helped by the SAVE plan. That includes 4.5 million with a $0 monthly payment. Today’s announcement brings the total loan forgiveness approved by the Biden-Harris Administration to $153 billion for nearly 4.3 million Americans. Thanks to this Administration’s efforts, around one out of every 10 Federal student loan borrowers has now been approved for some debt relief. This action builds on President Biden and his Administration’s efforts to provide debt relief to as many borrowers as possible as quickly as possible. “Today’s announcement shows—once again—that the Biden-Harris Administration is not letting up its efforts to give hardworking Americans some breathing room,” U.S. Secretary of Education Miguel Cardona said. “As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we...