Biden says he is forgiving another $5 billion in student debt

Must read

REVIEW: Texas Cowboy Sweetheart by Rebecca Crowley

JayneB Reviews / Book ReviewsContemporary / dysfunctional family / educational achievement / family relationships / friends become lovers / Jewish characters / rancher /...

REVIEW: How to Win Friends and Influence Fungi edited by Chris Balakrishnan and Matt Wasowski

JayneB Reviews / B- Reviews / Book Reviewsengineer / Essays / mathematics / non-fiction / science / STEM / technology3 CommentsIn the vein of...

EU punishes Chinese companies

The European Union has placed tighter trade restrictions on Chinese companies that it claims are supporting Russia, the European Council said in a press...

How student loan restart could impact economy

What the student loan payment restart means for the economy 06:16

Washington — President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president’s student loan forgiveness program.

Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.

With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.

“From day one of my administration, I vowed to improve the student loan system so that a higher education provides Americans with opportunity and prosperity — not unmanageable burdens of student loan debt,” he said in a statement. “I won’t back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams.”

Since the start of his presidency, Mr. Biden has undertaken several efforts to tackle student debt, including rolling out a new income-driven repayment plan last year and forgiving debt for certain types of borrowers, including those who worked in public service and are disabled. The president announced this month that those who took out less than $12,000 in loans and have been in repayment for 10 years will also have their remaining debt canceled, beginning in February.

Mr. Biden’s most sweeping effort was a program that would’ve provided relief to 40 million Americans who stood to have up to $20,000 in student debt wiped clean, but the plan was blocked by the Supreme Court in June. The high court determined that federal law did not authorize the loan forgiveness plan.

Melissa Quinn

Melissa Quinn is a politics reporter for CBSNews.com. She has written for outlets including the Washington Examiner, Daily Signal and Alexandria Times. Melissa covers U.S. politics, with a focus on the Supreme Court and federal courts.

Thanks for reading CBS NEWS.

Create your free account or log in

for more features.

Please enter email address to continue

Please enter valid email address to continue

More articles

Latest article

REVIEW: Texas Cowboy Sweetheart by Rebecca Crowley

JayneB Reviews / Book ReviewsContemporary / dysfunctional family / educational achievement / family relationships / friends become lovers / Jewish characters / rancher /...

REVIEW: How to Win Friends and Influence Fungi edited by Chris Balakrishnan and Matt Wasowski

JayneB Reviews / B- Reviews / Book Reviewsengineer / Essays / mathematics / non-fiction / science / STEM / technology3 CommentsIn the vein of...

EU punishes Chinese companies

The European Union has placed tighter trade restrictions on Chinese companies that it claims are supporting Russia, the European Council said in a press...