Biden's Big Student Loan Forgiveness

President Biden's administration has made a significant move, offering student loan forgiveness to over 150, 000 borrowers. This group includes 85, 000 individuals who were victims of school fraud, 61, 000 people with severe disabilities, and 6, 100 public service workers. So far, the administration has spent a whopping $183. 6 billion on student loan forgiveness.

The Borrower Defense program and the Public Service Loan Forgiveness (PSLF) program were revamped to make the process smoother. Under PSLF, over 1 million borrowers have received relief, a stark contrast to the mere 7, 000 helped before Biden took office. The administration highlighted the importance of this forgiveness, especially with the upcoming change in presidency. They didn't confirm if this was the last round of relief before Biden leaves office.

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