Biden administration cancels $169 billion in student loans for 4.75 million borrowers

The Biden administration announces it has approved $169 billion in student loan cancellation for 4.75 million borrowers through targeted relief programs, even after the Supreme Court struck down its broad $10,000-$20,000 cancellation plan in June 2023. The relief flows through five channels. These include fixes to the Public Service Loan Forgiveness (PSLF) program restoring relief for government and nonprofit workers who were improperly denied, income-driven repayment fixes for borrowers in repayment for 20+ years, targeted relief for defrauded borrowers (Borrower Defense), relief for borrowers with total and permanent disabilities, and the SAVE plan's early cancellation for low-balance borrowers. More than 876,000 public servants receive long-denied PSLF forgiveness under Biden.