President Biden Announces $5 Billion Debt Relief for 80,000 Student Loan Borrowers

President Joe Biden's administration has approved an additional $4.8 billion in student debt cancellation for 80,300 borrowers, bringing the total debt relief to $132 billion for over 3.6 million Americans. This includes fixing the Public Service Loan Forgiveness program and ensuring borrowers receive credit for their payments. The administration has also increased Pell Grants, improved income-driven repayment plans, and is pursuing alternative paths to deliver relief to borrowers. Biden remains committed to improving the student loan system and providing opportunities for Americans without burdensome debt.