Biden’s Latest Move: $9 Billion Student Loan Forgiveness

The Biden administration announced on Wednesday that it will forgive an additional $9 billion in student loans for borrowers who have been enrolled in income-driven repayment (IDR) and Public Service Loan Forgiveness plans.

This $9 billion forgiveness initiative will benefit 125,000 borrowers, consisting of 53,000 individuals under the Public Service Loan Forgiveness program, 51,000 participants in the IDR plan, and 22,000 borrowers who are facing total or permanent disability.