President Biden recently announced new action that, once implemented, will bring the total number of people who’ve received student debt relief to 30 million. I am proud to have continued advocating for debt cancellation alongside my colleagues in the Congressional Progressive Caucus, and we will keep fighting to cancel more debt. Below is more information on current debt cancellation programs available for qualifying borrowers:
Public Service Loan Forgiveness (PSLF) program: The Biden administration has taken action to strengthen the PSLF program and bring $62.8 billion in debt relief to more than 876,000 public servants—including teachers, first responders, non-profit workers, and government employees. 120 people in IL-04 have been approved for forgiveness under this program since 2021.
Saving on a Valuable Education (SAVE) plan: SAVE is an income-driven repayment (IDR) plan that cuts payments on undergraduate loans in half and brings student loan payments down to as low as $0 per month. Some 996,000 borrowers have saved a total of $49.2 billion through adjustments to IDR payments and the SAVE plan.
Canceling debt for borrowers defrauded by for-profit colleges and universities: Under the Biden administration, the Department of Education has provided student debt cancellation for borrowers who were misled by fraudulent for-profit institutions and took out federal student loans to enroll in them. More than 1.3 million of these borrowers have seen a total of $22.5 billion in student loan debt canceled.
Canceling debt for borrowers with disabilities: Under the Biden administration, borrowers with a disability can receive student debt cancellation via a Total and Permanent Disability (TPD) discharge application. More than 548,000 people with permanent and total disabilities have seen their loans canceled, amounting to $14.1 billion.
Learn more about debt cancellation programs you may qualify for, including those above, by visiting StudentAid.gov/manage-loans/forgiveness-cancellation. To learn more about income-driven repayment options, visit StudentAid.gov/IDR. To learn more about PSLF, visit StudentAid.gov/PSLF.
Para información en español, visite: StudentAid.gov/es/manage-loans/forgiveness-cancellation.