Biden’s latest round of student loan awards brings the total number of administrators to more than 5 million
Incoming US Ambassador to Israel Mike Huckabee discusses President Biden’s upcoming foreign policy speech on ‘The Bottom Line’.
President Biden announced on Monday the approval of student loans for more than 150,000 people, and the White House touts a total of more than 5 million beneficiaries during the presidency.
With just a week left in his term, Biden said his administration has “taken historic action to reduce the burden of student debt, hold bad actors accountable and fight on behalf of students across the country.”
“Those 150,000 borrowers include: nearly 85,000 borrowers who attended schools that cheated and defrauded their students, 61,000 borrowers with total and permanent disabilities, and 6,100 public service employees,” Biden said in a statement.
Biden boasted that his administration has also secured a record increase in the maximum amount for Pell Grants over the past 10 years.
BIDEN ADMINISTRATION REVERSES COURSE, REOPENING INCOME-BASED STUDENT LOAN REPAYMENT PROGRAMS
President Biden has made reducing student debt a priority during his administration. (Ron Sachs/Getty Images)
“I promised to provide 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 other administration in history,” Biden said in a statement.
The Ministry of Education noted that the latest move brought the administration’s total donations to $183.6 billion.
Last month, the Department of Education (DOE) reopened two student loan repayment plans after a federal court injunction Biden administration Savings on the Valuable Education Program (SAVE).
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President Biden speaks during an event in Madison, Wisconsin on April 8, 2024. (Daniel Steinle/Bloomberg via Getty Images/Getty Images)
New enrollment in the Pay As You Earn (PAYE) and Income Contingent Repayment (ICR) programs was halted last summer in an effort to phase them out and encourage borrowers to sign up for the Biden-Harris administration’s SAVE plan, but now people can sign up once more .
The two renewed plans offer credit for public service loan forgiveness and income-based repayment. Monthly payments are determined by the borrower’s earnings, family size and allow borrowers to earn forgiveness after “extended payment periods,” the DOE said.
Melissa Byrne, center, joins student loan borrowers to ask President Biden to use “Plan B” to write off student debt immediately at a rally outside the United States Supreme Court on June 30, 2023 in Washington, DC (Paul Morigi/We 45 Million / Getty Images)
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New enrollments for PAYE and ICR will be open until July 1, 2027, the DOE said.
