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  • Nicolas Keyoung

President Biden Cancels Billions In Student Loan Debt

On February 21, 2024, in a mind boggling attempt at relieving the burden of student debt, President Joe Biden announced $1.2 billion in student debt for almost 153,000 people enrolled in the SAVE (Saving on a Valuable Education) repayment plan. It has been calculated that almost $138 billion in student debt cancellation for around 3.9 million Americans has been approved by the Biden-Harris administration so far. This cancellation grants borrowers freedom, as it grants them the freedom to spend money on what they desire. The SAVE repayment plan provides borrowers forgiveness who have been in repayment since turning as little as ten years old, and took out twelve grand or less in student loans. This initiative is another attempt at making higher education more affordable and accessible, and shows action being taken against the student loan crisis.

Since entering the office, President Biden has considered fixing the student loan system as one of his top priorities; making sure that a higher level of education is also available for the less fortunate, and also letting higher education serve as an opportunity for those who don’t get many. With this cancellation, Biden has set a record for the amount of canceled student debt than any other U.S. president to ever step foot on earth.

The SAVE plan is considered the most affordable student loan repayment plan ever, offering relief based on a person’s income and not just their loan balance. With this, monthly payments are made to prevent the rising of balances because of unpaid interest. ,

Overall, this colossal amount of student debt cancellation proves the Biden-Harris Administration's attempts at changing the student loan program in the United States, and to make a higher education available for a wider range of people. It has been shown that President Biden’s commitment to providing citizens with debt relief to as many people as possible stays unwavering.

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