Biden administration has found ways to keep canceling more than $48 billion in debt since then despite the Supreme Court striking down President Joe Biden’s signature student loan forgiveness program in late June.
How Biden Is Resuming To Cancel Student Loan Debt?
The cancellations have come about through already existing programs of federal student loan forgiveness, which are limited to specific types of borrowers, such as public-sector workers, people who were scammed by for-profit colleges, and borrowers who have settled for at least 20 years.
CNN reported that these programs are separate from the rejected forgiveness plan, which would have canceled about $430 billion of the $1.6 trillion of outstanding federal student loan debt all at one time.
The Biden administration has been giving student loan forgiveness through these existing programs on a rolling basis since coming into office and has discharged a total of $127 billion for nearly 3.6 million people to date.
Biden Administration Has Granted More Student Loan Forgiveness Than The Previous Administration
More student loan forgiveness than was granted under any other administration in part due to the Biden administration’s efforts to temporarily expand some debt relief programs and to correct past administrative mistakes made to borrowers’ student loan accounts. The actions draw a stark contrast with the Trump administration, which tried to limit some of these forgiveness programs and delayed the processing of some applications.
But Biden’s Republican critics say that at least some of his debt relief actions are unlawful and are an attempt to circumvent the Supreme Court’s ruling.