President Biden’s latest move brings total student debt relief to 5 million borrowers, costing taxpayers $183 billion.
Washington: President Biden announced on Monday that his administration will forgive student debt for another 150,000 borrowers. This will cost taxpayers about $4.23 billion, bringing the total number of people helped to around 5 million during his presidency.
Biden, who is 82, will leave office on January 20. He has already ordered about $183.6 billion in student debt relief after the Supreme Court shot down a previous plan to cancel $400 billion in debt.
This latest announcement is part of Biden’s ongoing effort to help those affected by the court’s decision. The plan aims to assist borrowers who were cheated by their schools, those with disabilities, and public service workers.
The Education Department is also distributing $465 million through the Public Service Loan Forgiveness program, which has faced challenges since it started in 2017. Additionally, $1.26 billion is going to students who were defrauded, with a significant portion going to those who attended certain for-profit schools.
It’s still uncertain if any of these new grants will face legal challenges, as some of Biden’s previous efforts have. The Supreme Court is also set to review earlier attempts to forgive $17 billion in debt for students who were misled by for-profit institutions.
