Biden Administration Has Reportedly Cancelled $9 Billion In Student Loan Debt For More Than 563,000 People Since January - The Shade Room

Biden Administration Has Reportedly Cancelled $9 Billion In Student Loan Debt For More Than 563,000 People Since January

#Roommates, President Biden and his current administration have made major strides when it comes to eliminating student loan debt in the very short time he’s been in office—and the amount is almost $10 billion! According to new reports, the Biden administration has now cancelled $9 billion in student loan debt for over 563,000 Americans since he took office in January.

@TheHill reports, the U.S. Department of Education recently revealed that as of now, more than $9 billion in student loan debt has officially been cancelled, which has benefitted over 563,000 people. The massive amount was confirmed during a recent press conference speaking about the $1.1 billion debt cancellation for 115,000 students that attended ITT Technical Institute, which has since been permanently closed.

The announcement comes as President Biden has been faced with intense pressure to increase efforts to cancel even more student loan debt—as the current pause on federal student loan payments is set to come to an end soon. As we previously reported earlier this month, the Biden administration is eliminating the financial student loan debt burden for 323,000 people, as their $5.8 billion in student loan debt will be automatically cancelled for those who have severe disabilities.

The debt will be terminated through the Total and Permanent Disability (TPD) discharge program. Underneath the terms of that program, disabled individuals “who are unable to maintain substantial, gainful employment due to a physical or psychological medical impairment” will have their debt wiped away.

 

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