The Biden-Harris administration on Monday announced an additional round of student loan forgiveness, canceling the balances of over 152,000 borrowers. The loans forgiven total nearly $4 billion.
The latest relief news applies to three groups: 6,100 borrowers enrolled in the Public Service Loan Forgiveness program; 85,000 borrowers who were cheated or defrauded by their schools; and 61,000 borrowers with total or permanent disabilities. This brings the administration's total student loan forgiveness amount to $183.6 billion for over 5 million borrowers in the past four years.
Senior administration officials did not confirm whether this is the last round of forgiveness before President-elect Donald Trump takes office next Monday, Jan. 20. However, Under Secretary of Education James Kvaal shared in the announcement that the current administration expects student loan forgiveness programs already authorized by Congress, such as the PSLF and approved income-driven repayment plans, to continue.
Notifications are being sent to eligible borrowers, so keep an eye on your email to see if your balances have been forgiven. You can also check the status of your student loans and forgiveness at StudentAid.gov.
Read more: New Student Loan Forgiveness 'Buyback' Program Could Help You Get Debt Relief Sooner
