Many Americans waited for the highest court to rule on the legality of the student debt forgiveness program initiated by President Biden.
The Student debt forgiveness program under President Biden’s Administration
Many student borrowers wait for the Supreme Court to approve the legality of the student debt forgiveness program initiated by President Joe Biden. Thousands of student borrowers are taking this opportunity to get their loans settled.
Since 2021, more than 615,000 student loan borrowers have had billions of dollars in loans approved by the student debt forgiveness program of President Joe Biden under the Public Service Loan Forgiveness.
According to the Department of Education, nearly 610,000 student borrowers have already availed of the student debt forgiveness program, and their loans settled.
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President Biden’s changes made to the student debt forgiveness program
The Department of Education features those numbers in the student debt forgiveness program recently made under PSLF. This program extended eligibility and made eligible student borrowers easier for them to have their loans forgiven. Before, the PSLF had a low approval rate for approving student debt forgiveness programs.
In 2021, President Biden’s Administration implemented a limited PSLF waiver. The changes made by the president helped drastically upsurge the approval student debt forgiveness program.
About 7,000 student borrowers have availed in the beginning, but today more than 615,000 approved the student debt forgiveness program.