OAN’s James Meyers
8:23 AM – Wednesday, October 4, 2023
The Biden Administration will be giving more debt relief to student loan borrowers.
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President Joe Biden announced on Wednesday that his administration has approved $9 billion in student debt relief for 125,000 borrowers.
The White House in a statement said that this a “key step to fix the broken student loan system, make college more affordable, and bring the promise of higher education in reach for more Americans.”
The relief fund will come in the form of restructured income-based repayment plans and Public Service Loan Forgiveness.
The move comes after the Supreme Court blocked his plan of unilateral cancellation for student debt earlier this year.
According to the White House, the move will bring the total approved debt cancellation by the Biden Administration to $127 billion for almost 3.6 million americans.
Additionally, the $5.2 billion of Wednesday’s allotment will be given out to 53,000 borrowers through Public Service Loan Forgiveness programs, and the rest of the $2.8 billion will come from amending income-driven repayment plans that “borrowers who made 20 years or more of payments” can receive “the relief they were entitled to,” according to the White House.
Furthermore, Biden also wiped out an additional $1.2 billion in student loan debt for 22,000 borrowers with “a total or permanent disability.”
Biden has continued to receive a low approval rating on how he has handled the economy. In a recent poll done by NBC only 38% of the United States approves of the state of the economy.
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