President Joe Biden has announced that his administration will cancel over $7 billion in student debt for 160,000 individuals.
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In June 2023, the Supreme Court issued a 6-3 decision to block Biden’s plan to cancel $430 billion in student loan debt for nearly 40 million people.
“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefited from our debt relief actions to 4.75 million,” Biden said in the statement. “Each of those borrowers has received an average of over $35,000 in debt cancellation.”
Biden explained that the 160,000 people having their student debt forgiven were those working as teachers, nurses, or in law enforcement who had enrolled in the Biden administration’s Saving on a Valuable Education (SAVE) Plan.
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Biden’s latest announcement follows his April declaration that his administration would be canceling student debt for more than 270,000 people. Those in April who had their student debt canceled were borrowers enrolled in Biden’s SAVE Plan.
As of March, more than 75 million people who had taken out student loans were reported to have enrolled in the SAVE Plan since the program began in August 2023.
The SAVE Plan is an income-driven repayment (IDR) plan that helps borrowers find the lowest monthly payments for their loans.
“From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden added in his statement. “I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us.”
