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 July 2023, the Biden Administration has cancelled over $116 billion in student loan debt for 3.5 million borrowers.
This includes:
- $22 billion for 1.3 million borrowers through borrower defense to repayment and closed school discharges.
- $45 billion for 653,800 borrowers through the Public Service Loan Forgiveness (PSLF) program.
- $10.5 billion for 491,000 borrowers in Total and Permanent Disability (TPD) discharges.
- $39 billion for 804,000 borrowers through administrative error fixes to Income-Driven Repayment (IDR) plans.
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.
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