Biden-Harris Administration Approves Additional $77 Billion in Student Loan Debt Relief

President Biden's Promise to Cancel $10,000 for Low- to Middle-Income Borrowers Reached

Biden-Harris Administration Continues to Deliver Relief to Student Loan Borrowers

The Biden-Harris Administration has now approved nearly $138 billion in student debt cancellation for almost 39 million borrowers, the latest being the $77 billion cancellation announced today. This includes the $12 billion in automatic loan discharges for 153,000 borrowers also announced today.

The Student Aid Verification and Enforcement (SAVE) plan builds on broader actions by the Biden-Harris Administration to provide student loan relief. It reflects President Biden's promise to deliver $10,000 in debt cancellation for low- to middle-income borrowers.

The three-part plan includes:

• Automatic discharge of $12 billion in debt for 153,000 borrowers who attended Corinthian Colleges, ITT Technical Institute, Westwood College, and other schools the Department determined engaged in misrepresentations or other misconduct that caused borrowers to be ineligible for loan forgiveness.
• Approval of $77 billion in debt relief for 160,500 borrowers who met the criteria for loan forgiveness under previous programs but experienced delays or denials.
• Continued review of additional borrower defense claims and closed school discharge applications.