How Much Student Loan Debt Has the Biden Administration Cancelled to Date?
Key Takeaways
Since this infographic was first published, the Department of Education has continued to prioritize targeted loan forgiveness for borrowers. As of August 2022, the Biden Administration has cancelled just over $33 billion in student loan debt for 1.7 million borrowers and announced a plan for widespread, targeted relief for all other federal borrowers up to $20,000.
This includes:
- 14.5 billion for 1.1 million borrowers through borrower defense to repayment and closed school discharges.
- $10 billion for 175,000 borrowers through the Public Service Loan Forgiveness (PSLF) program.
- $9 billion for 425,000 borrowers in Total and Permanent Disability (TPD) discharges.
As calls from some policymakers and advocates to cancel all student loan debt grow louder, the headlines often imply that President Biden has done little to address student loans. Yet contrary to that narrative, the Biden Administration has worked hard during his first year in office to prioritize debt forgiveness for millions of borrowers who needed the relief the most. This infographic shows how much the Administration has already cancelled in student loans.
