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HomeLatest NewsBiden Forgives $1.2 Billion in Student Loan Debt for 150,000 Borrowers

Biden Forgives $1.2 Billion in Student Loan Debt for 150,000 Borrowers

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President Biden’s student loan debt cancellation plan took a hit after the Supreme Court struck it down earlier this year. However, President Biden has taken a piecemeal approach to the issue and has canceled $1.2 billion in student loan debt, bringing the total amount he has wiped out during his time in office to $138 billion for 3.9 million borrowers. Critics of the president acknowledge that he has gone further than any of his predecessors in relieving the debt burden for millions of borrowers. Despite these efforts, President Biden has faced difficulties effectively communicating his achievements to voters, prompting a broader challenge for the White House.

During a fund-raising swing through California, President Biden personally addressed the issue of student loan debt, which reflects the White House’s intent to get more credit for the administration’s efforts. However, many Democratic allies have urged the administration to highlight debt cancellation to engage crucial constituencies, including young voters and Black borrowers who disproportionately shoulder such debt. President Biden has taken more than a year to announce his broad plan to forgive student debt, increasing expectations among voters and complicating the task of convincing them that he has delivered on student debt commitments. The Biden administration is undertaking measures to cancel student debt for more borrowers who experience “hardship” in paying off college loans, aimed at helping public service workers and those with disabilities.

Despite these actions, many voters have expressed disappointment over what President Biden has failed to pass, even as he has scored substantial policy wins on various fronts. Some opponents have seized on delays and glitches in a new student aid application to accuse the administration of prioritizing campaign promises over carrying out policy. As a result, President Biden faces more frustration than praise over student loans, with many upset at the unfulfilled promises of loan forgiveness. Overall, the Biden administration is seeking to navigate a difficult balance between the desire to highlight accomplishments and the disappointment of many Americans over unfulfilled promises.

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