It's the latest attempt by his administration to deliver relief to borrowers after the Supreme Court last year blocked Biden's earlier attempt to cancel hundreds of billions of dollars in debt.
"With today's actions, the Biden-Harris administration has now canceled debts for 3.6 million Americans, and that's a big deal"
White House Press Secretary Karine Jean-Pierre:
"Those receiving relief as a part of today's announcement include teachers, nurses, firefighters and others who earn forgiveness after ten years of public service. It also includes people who have been in repayment for 20 years but never got the relief that they earned."
The announcement by the White House brings the total loan forgiveness approved by the Biden-Harris administration to $136.6 billion.
In a statement released by Biden, he said: "I won't back down from using every tool at our disposal to get student loan borrowers the relief they need to reach their dreams."
According to the Federal Student Aid website, as of June 2023, approximately 43.4 million student loan recipients had $1.63 trillion in outstanding loans,
The figure represents an increase of nearly $17 billion in the outstanding loan balance and almost 600,000 in the number of student loan recipients since last year.
