The Biden administration has provided billions in student loan forgiveness to millions of borrowers in the past two years. This relief is different from the broad-based debt relief that President Biden proposed last year, which was struck down by the Supreme Court.
The current administration's debt relief efforts have focused on borrowers who were defrauded by their schools, those who attended schools that closed suddenly, and those who have been paying their student loans for at least 20 years.
Check Student Loan Forgiveness - It Happens If You Graduated In These Years
Some borrowers have already received relief, while others are still waiting for their debt to be canceled. The administration is working to process applications as quickly as possible.
Here are some of the categories of borrowers who have received relief under the Biden administration's initiatives:
- Borrowers who were scammed by their schools or attended schools that closed suddenly
- Borrowers who have been making payments on their student loans for at least 20 years
- Borrowers who were improperly placed in forbearance and are now eligible for income-driven repayment
- Borrowers who work for the government or certain nonprofits and are eligible for Public Service Loan Forgiveness
The administration is also taking steps to hold borrowers harmless in situations where delays in paperwork processing are impeding their access to benefits.
Overall, the Biden administration's debt relief efforts have been a positive step for borrowers who are struggling with their debt.
However, there are still some challenges that need to be addressed, such as the backlog of applications and the lack of clarity about how many borrowers have actually received relief.
