$9 Billion More in Student Loan Debt Forgiven

Biden forgives $9B in student loan debt on heels of loan repayments resuming.

Pencil erasing the words student loans
(Image credit: Getty Images)

The Biden administration plans to forgive $9 billion in student loan debt for about 125,000 Americans “through fixes to income-driven repayment (IDR) and Public Service Loan Forgiveness, and by canceling debt for borrowers with total and permanent disabilities,” the White House announced on October 4.

The $9 billion in forgiven loans consist of $5.2 billion in debt relief for 53,000 borrowers under the Public Service Loan Forgiveness program, nearly $2.8 billion in new debt relief for about 51,000 borrowers through fixes to income-driven repayment, and $1.2 billion in relief for about 22,000 borrowers who have a total or permanent disability.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.