Biden’s latest student loan gifts to the administrator bring the total to more than 5 million
US Ambassador to Israel Mike Huckabee discusses the ‘bottom line’ of President Biden’s future foreign policy speech.
President Biden On Monday, he announced the approval of more than 150,000 student loan grants.
With just one week left in office, Biden said his administration has “taken historic steps to reduce the student debt burden, hold bad actors accountable and fight on behalf of students across the country.”
“These 150,000 borrowers include: approximately 85,000 borrowers who attended schools that cheat and defraud their students, 61,000 borrowers with total and permanent disabilities, and 6,100 public service employees,” according to the ruling.
Biden has boasted that his administration has made the largest increase in Pell Grant amounts in the past 10 years.
The Biden administration reversed course and opened up income-based student loan repayment programs.
President Biden has made reducing student debt a priority during his administration. (Ron Sachs/Getty Images)
“I’m committed to making sure higher education is a ticket to the middle class, not a barrier to opportunity, and I’m proud to say we’ve forgiven more student loan debt than any administration in history,” Biden said in a statement.
The Department of Education said the new measure brings the administration’s total grant amount to $183.6 billion.
Last month, two student loan repayment plans were reopened for registration by the Department of Education (DOE) following a federal court order. The Biden administration Savings on a Valuable Education (SAVE) program.
Supreme Court BDN Student Loan Debt Book
President Biden speaks during an event on April 8, 2024 in Madison, Wisconsin. (Daniel Steinle/Bloomberg via Getty Images/Getty Images)
There was an attempt to end the Pay-as-You-Go (PAYE) and Income-Continued Payment (ICR) programs last summer and encourage borrowers to sign up for the Biden-Harris administration’s Save Plan, but now people can sign up once again.
The two reinstated plans offer public service loan forgiveness and income-based repayment loans. Monthly payments are set based on the borrower’s income, family size and allow borrowers to receive forgiveness after an “extended payment period,” the DOE said.
Melissa Byrne, center, joins student loan borrowers to demand President Biden use “Plan B” to cancel student debt during a rally outside the U.S. Supreme Court on June 30, 2023 in Washington, DC. (Paul Morighi/We The 45 Million/Getty Images)
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PAYE and ICR new registrations will remain open until July 1, 2027, the DOE said.
