Sun Jan 19 06:40:00 UTC 2025: **Biden Administration Announces Final Wave of Student Loan Forgiveness**
WASHINGTON D.C. – The Biden administration concluded its student loan forgiveness initiative Thursday, announcing the cancellation of over $600 million in debt for nearly 9,000 borrowers. This final round includes $300 million in relief for 4,550 borrowers under the Income-Based Repayment plan and $300 million for 4,100 former students of DeVry University. The DeVry debt cancellation stems from a 2022 Department of Education finding that the for-profit college misrepresented its job placement rates.
DeVry University issued a statement expressing concern over the process, citing a lack of due process and fact-finding, while affirming its support for measures to protect students and taxpayers.
The action brings the total amount of student loan debt forgiven under the Biden administration to $188.8 billion, benefiting 5.3 million borrowers. This surpasses the loan forgiveness efforts of any previous president, according to higher education expert Mark Kantrowitz. While the Supreme Court blocked a broader forgiveness plan in 2023, the administration focused on improving existing programs to provide debt relief.
Education Secretary Miguel Cardona highlighted the administration’s efforts to fix broken systems and provide relief to borrowers who were misled by their institutions. Additionally, the Department of Education announced the completion of payment count adjustments for borrowers in income-driven repayment (IDR) plans, addressing long-standing complaints about inaccurate tracking of payment timelines. Borrowers can now access updated payment counts on Studentaid.gov. The announcement marks the end of a significant era in student loan policy.
First Piper 