Biden-Harris Administration Approves $7.7 Billion in Additional Student Loan Debt Relief

By Stacy M. Brown: (Originally appeared in NNPA)The Biden-Harris Administration announced the approval of $7.7 billion in student loan debt relief for 160,500 borrowers. This measure targets three categories of borrowers: those qualifying for Public Service Loan Forgiveness (PSLF), participants in President Biden’s Saving on a Valuable Education (SAVE) Plan who are eligible for its shortened forgiveness period, and those benefiting from adjustments to income-driven repayment (IDR) plans.With the addition of the new relief, the administration has now approved $167 billion in loan forgiveness for 4.75 million Americans. “The Biden-Harris Administration remains persistent about our efforts to bring student debt relief to millions more across the country, and this announcement proves it,” stated U.S. Secretary of Education Miguel Cardona.& “One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.”The latest breakdown of the $7.7 billion in debt relief includes: $5.2 billion for 66,900 borrowers through fixes to PSLF, marking a total of $68 billion in forgiveness for over 942,000 borrowers. $613 million for 54,300 borrowers via the SAVE Plan, targeting those with smaller loans, with forgiveness after at least 10 years...