The outgoing president of the United States, Joe Biden, announced this Monday the decision to forgive the debt owed to the universities of another 150,000 peoplewhich brings the total number of Americans benefited by his Administration in this regard to more than 5 million.
These 150,000 now eligible debtors include 85,000 individuals who attended schools, colleges or universities and were “deceived” by their payment and interest systems; 61,000 people with a lack of “total or permanent capacity” to pay their loans, and 6,100 public officials, Biden said in a statement distributed this Monday by the White House.
“My Administration has taken Historic steps to reduce student debt burdenhold bad actors accountable, and fight on behalf of students across the country,” the US president said in the aforementioned note.
Since Biden took office four years ago, he has forgiven the debt of more than 5 million people with federal student loans, valued at a total of $183.6 billion and for which an interest rate of more than 8% applies.
“On the first day of my administration, I promised to ensure that Higher education is a ticket to the middle classnot a barrier to opportunity, and I am proud to say that we have forgiven more student loan debt than any other Administration in history,” Biden added.
In 2023, the U.S. Supreme Court blocked the Democrats’ plan to provide large-scale student loan forgiveness to tens of millions of borrowers.
However, Biden managed to eliminate a large portion of the country’s outstanding student debt by improving debt relief programs already existing from the United States Department of Education.
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