President Biden announced student loan relief for over 150,000 people on Monday. The White House shared that more than 5 million borrowers have benefited during Biden’s presidency.
“With just one week left in office, my administration has taken historic action to ease student debt,” Biden said. “We’ve held bad actors accountable and fought for students nationwide.”
The president explained the breakdown of the latest relief. “These 150,000 borrowers include nearly 85,000 defrauded students, 61,000 people with total and permanent disabilities, and 6,100 public service workers,” he noted.
Biden highlighted other accomplishments, such as increasing the maximum Pell Grant to record levels over the past decade. “I promised higher education would be a pathway to opportunity, not a barrier,” he said. “We’ve forgiven more student loan debt than any other administration in history.”
The Department of Education stated this move brings the total relief under Biden to $183.6 billion. It reflects the administration’s efforts to address student debt at an unprecedented scale.
In December, two repayment plans—Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR)—were reopened. This followed a court ruling that paused Biden’s Saving on a Valuable Education (SAVE) program.
These plans, previously halted to promote SAVE, are now available again. They allow credit toward Public Service Loan Forgiveness and set payments based on income and family size. Borrowers can earn forgiveness after extended payment periods.
PAYE and ICR enrollments will remain open until July 1, 2027, giving borrowers additional options. The Department of Education hopes this flexibility will ease financial strain for more Americans.