💰 Biden forgives $9.5 billion in student loan debt

No, this isn’t the widespread student loan cancellation you’ve been hoping for.
Did you know President Joe Biden has forgiven a total of $9.5 billion in student loan debt since taking office?

It’s true—but it’s not the widespread forgiveness many are hoping for. Instead, Biden has forgiven debt for borrowers with disabilities and those defrauded by for-profit schools (like ITT Tech). 

It’s good news for those borrowers, and they’ll see great relief from the forgiveness—but others shouldn’t get their hopes up. We’re unlikely to see widespread student loan debt cancellation anytime soon, and let’s not forget that Nancy Pelosi publicly stated that Biden doesn’t even have the authority to conduct widespread student loan forgiveness on his own. 

Until then, we can all take advantage of no payments or interest on federal student loans through January 2022.

Kelly Anne
Personal Finance Reporter, Forbes Advisor
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