Biden Administration Forgives $180 Billion in Student Loans, Impacting Nearly 5 Million Americans by January 2025

Jan 2, 2025, 04:47 PM

As of January 2025, the Biden administration has approved approximately $180 billion in student loan forgiveness, impacting nearly 5 million Americans by eliminating their student debt entirely. This achievement marks a historic level of student debt relief, positioning Biden's presidency as the most impactful in this area. While many borrowers celebrate this record-setting forgiveness, there remains a sense of frustration with the overall student loan system. Reports indicate that a significant number of borrowers have not made payments since the end of the pandemic-era federal student loan forbearance, raising concerns about ongoing challenges within the repayment framework.