Dr. Miguel A. Cardona
Monday's announcement details three major components of relief:
The Public Service Loan Forgiveness (PSLF) program has approved $465 million in relief for 6,100 additional borrowers, bringing the total to over $78.4 billion for 1.069 million public servants. This marks a dramatic increase from the mere 7,000 borrowers who had received PSLF relief at the start of the administration.
The Department also approved $1.26 billion in borrower defense relief for nearly 85,000 students who were misled by their institutions. This includes significant relief for former students of:
Additionally, 61,000 borrowers with total and permanent disabilities will receive $2.5 billion in relief through automated data matching with Social Security Administration and Veterans Affairs records, as well as direct applications.
"Four years ago, President Biden promised to fix a broken student loan system," said Education Secretary Dr. Miguel A. Cardona. "Today’s announcement demonstrates our commitment to making higher education more accessible and holding institutions accountable to both students and taxpayers."
The administration's broader student debt relief efforts include $56.5 billion in forgiveness through Income-Driven Repayment plans, including the new SAVE plan, benefiting more than 1.4 million borrowers. The administration has also secured a $900 increase to the maximum Pell Grant—the largest in a decade—and implemented new regulations to protect students from underperforming career programs.
