Biden Administration Cancels $5 Billion in Federal Student Aid for 80,000 Borrowers
Lauren Camera
December 6, 2023
The move is the latest in a series to provide relief to as many borrowers as possible in the wake of the Supreme Court’s decision to block the president’s sweeping debt cancellation plan.
The Biden administration announced on Wednesday that it approved an additional $4.8 billion in federal student loan debt cancellation for roughly 80,000 borrowers.
The move is the latest in a series of efforts underway at the Education Department to provide student loan debt relief to as many borrowers as possible in the wake of the Supreme Court’s decision this summer to block President Joe Biden’s sweeping debt cancellation plan.
To date, the department has approved $132 billion in federal student loan debt cancellation for 3.6 million borrowers.
“It’s historic,” Education Secretary Miguel Cardona told reporters on Wednesday, speaking about the totality of relief provided. “No other administration even comes close. We are being intentional about ensuring that higher education is affordable.”
“These latest discharges are the result of this administration’s relentless efforts to fix a broken student loan system,” he said. “When I first joined the department, I was appalled by the dysfunction in our existing student loan program. It was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned.”
