WASHINGTON, DC – AUGUST 9: U.S. President Joe Biden speaks before signing the CHIPS and Science Act … [+]
The Biden administration has approved $32 billion in student loan forgiveness over the course of the last year, according to the Department of Education. Not only is more on the way, but there are still opportunities for borrowers to apply for relief, even as Biden reportedly considers even more widespread student loan cancellation.
Here are the details.
The Education Department is touting at least $32 billion in student loan forgiveness approved so far through its “targeted” initiatives that have expanded access and relaxed eligibility rules for existing student loan forgiveness programs. The largest targeted initiatives are the following:
The $32 billion in student loan forgiveness the Biden administration has approved so far does not include other relief, including additional loan cancellation expected under the Limited PSLF Waiver and TPD Discharge programs. It also does not include the following:
President Biden is reportedly also considering using executive action to enact even broader student loan forgiveness. He has not made a final decision, although he has stated that he expects to decide by August 31. Most recent reports suggest Biden is considering $10,000 in federal student loan forgiveness for borrowers, with some income restrictions to limit eligibility. The Education Department reportedly has a plan in place to implement the initiative if Biden decides to proceed.
Student loan borrowers may still have an opportunity to benefit from these student loan forgiveness initiatives:
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