President Biden Announces an Additional $9 Billion in Student Debt Relief for 125,000 Americans | The White House

President Biden Announces $9 Billion in Debt Relief for Americans

President Biden has long believed that college should be a ticket to the middle class, not a burden that weighs on families. That’s why from day one, his Administration has taken unprecedented steps to fix the broken student loan system, make college more affordable, and bring the promise of higher education within reach for more Americans.

Key Step Forward in Debt Relief Efforts

Marking a key step forward in that effort, President Biden is announcing that an additional 125,000 Americans have been approved for $9 billion in debt relief through fixes his Administration has made to income-driven repayment (IDR) and Public Service Loan Forgiveness, and by cancelling debt for borrowers with total and permanent disabilities. Today’s announcement brings the total approved debt cancellation by the Biden-Harris Administration to $127 billion for nearly 3.6 million Americans.

Debt Relief Approvals

• $5.2 billion in additional debt relief for 53,000 borrowers under Public Service Loan Forgiveness programs.
• $2.8 billion in new debt relief for nearly 51,000 borrowers through fixes to income-driven repayment. These are borrowers who made 20 years or more of payments but never got the relief they were entitled to.
• $1.2 billion for nearly 22,000 borrowers who have a total or permanent disability who have been identified and approved for discharge through a data match with the Social Security Administration.

The Department of Education is also releasing state-by-state totals of debt relief approved under the Biden-Harris Administration through fixes to IDR and Public Service Loan Forgiveness. Visit this link to see the state-by-state breakdown.

Continued Efforts for Affordable College Education

Today’s announcement builds on all that the Biden-Harris Administration has done to make college more affordable and ensure that student loans aren’t a barrier to opportunity for students and families. The Biden-Harris Administration earlier this year launched the most affordable student loan repayment plan – SAVE – which makes many borrowers’ monthly payments as low as $0 and prevents balances from growing because of unpaid interest. The Administration secured the largest increase to Pell Grants in a decade, and finalized new rules to protect borrowers from career programs that leave graduates with unaffordable debts or insufficient earnings. And, in the wake of the Supreme Court decision on the Administration’s original student debt relief plan, President Biden announced his Administration was pursuing an alternative path to debt relief through negotiated rulemaking under the Higher Education Act.

Negotiated Rulemaking Process

The Administration took an important step forward in the negotiated rulemaking process last week as the Department of Education announced individuals who will serve on the negotiating committee and released an issue paper to guide the first negotiating session. The paper asks the committee to consider how the Administration can help borrowers, including borrowers whose balances are greater than what they originally borrowed, those who would be eligible for relief under existing repayment plans but have not applied, and borrowers who have experienced financial hardship on their loans that the current loan system doesn’t address.

Summary of Debt Cancellation

To date, the Biden-Harris Administration has approved $127 billion in debt cancellation for nearly 3.6 million borrowers, including:

• Nearly $42 billion for almost 855,000 borrowers who are eligible for forgiveness through income-driven repayment by fixing historical inaccuracies in the count of payments that qualify toward forgiveness;
• Almost $51 billion for 715,000 public servants through Public Service Loan Forgiveness programs;
• $11.7 billion for almost 513,000 borrowers with a total and permanent disability; and
• $22.5 billion for more than 1.3 million borrowers who were cheated by their schools, saw their institutions precipitously close, or are covered by related court settlements.

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SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 4: Quality Education
• SDG 10: Reduced Inequalities

The article discusses President Biden’s efforts to make college more affordable and ensure that student loans are not a barrier to opportunity. This aligns with SDG 4, which aims to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. Additionally, the focus on debt relief and reducing the burden of student loans connects to SDG 10, which aims to reduce inequalities within and among countries.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 4.3: By 2030, ensure equal access for all women and men to affordable and quality technical, vocational, and tertiary education, including university.
• Target 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status.

The article highlights the Biden-Harris Administration’s efforts to make college more affordable and accessible for Americans. This aligns with Target 4.3, which focuses on ensuring equal access to affordable and quality tertiary education. Additionally, the emphasis on debt relief and reducing the burden of student loans contributes to Target 10.2, which aims to promote the social and economic inclusion of all individuals.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the following indicators can be used to measure progress towards the identified targets:

• Number of Americans approved for debt relief through income-driven repayment and Public Service Loan Forgiveness programs.
• Total amount of debt relief provided to borrowers.
• Number of borrowers with total or permanent disabilities who have been approved for discharge.
• State-by-state breakdown of debt relief approved under the Biden-Harris Administration.

The article mentions the number of Americans approved for debt relief, the total amount of debt relief provided, and the number of borrowers with disabilities approved for discharge. These indicators can be used to track progress towards reducing the burden of student loans and promoting equal access to education. Additionally, the state-by-state breakdown of debt relief approved provides a more detailed view of progress at a regional level.

4. Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: whitehouse.gov

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