Biden has already canceled billions of dollars in student loan debt

student loan forgiveness biden

student loan forgiveness biden

In the meantime, Biden has taken a more targeted approach to student  debt relief. Most of his efforts have been meant to expand and  streamline existing federal student loan forgiveness programs.

Biden's administration has authorized the cancellation of $32 billion so  far -- more than any other administration -- largely for borrowers who  were defrauded by their for-profit colleges and for permanently disabled borrowers.

He has also temporarily expanded the Public Service Loan Forgiveness program that forgives the debt of  government and nonprofit workers after 10 years of payments, and made  changes to the income-driven repayment plans, bringing millions of borrowers closer to forgiveness.

But the programs are complicated and don't always work the way they should. A recent Government Accountability Office report found that few people have qualified for forgiveness under an  income-driven repayment plan, for example. The Department of Education  had approved forgiveness for a total of 157 loans as of June 1, 2021.

Meanwhile about 7,700 loans in repayment may have already been eligible  for forgiveness.