Home Global News Joe Biden to Cancel $39Billion in Student Loans For More Than 800,000...

Joe Biden to Cancel $39Billion in Student Loans For More Than 800,000 Borrowers


US President Joe Biden’s Department of Education announced Friday, July 14 it would cancel $39 billion in federal student loans for more than 800,000 borrowers within the next month.

In a statement released Friday, Education Secretary Miguel Cardona called the move a “historic step,”

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” Cardona said.

“Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers.”

“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans,” Cardona added about the new plan.

“This Administration will not stop fighting to level the playing field in higher education.”

But Republicans criticized the Biden administration for “fixing” the loan forgiveness plan just weeks after the Supreme Court overturned an earlier Education Department scheme to cancel $400 billion in student debt.

“The Biden administration’s blatantly political attempt to circumvent the Supreme Court is shameful,” Rep. Virginia Foxx (R-NC), who chairs the House Education and Labor Committee, said in a statement.

“The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines.”

“This president is dead set on ruining our postsecondary education financing system for a few votes next November, taxpayers and the rule of law be damned,” she added.

Since Biden took office, the Education Department has forgiven more than $116.6 billion in federal debt held by more than 3.4 million students.

The new plan forgives borrowers who have been paying back their loans for either 20 or 25 years, depending on when they borrowed the money and their payment plan.

“Today we are holding up the bargain we offered borrowers who have completed decades of repayment,” said Education Under Secretary James Kvaal.

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Monte OZ
Monte OZ is a highly accomplished and respected international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger based in Africa. With a passion for storytelling, a sense of adventure, and an eye for all things captivating, Monte has become a prominent figure in the world of travel, entertainment, and lifestyle journalism. Born and raised in Africa, Monte developed a deep appreciation for the continent's diverse cultures, rich heritage, and vibrant entertainment scene. His upbringing fueled his desire to share Africa's untold stories and showcase its dynamic lifestyle to a global audience. Monte's extensive experience and expertise have made him a sought-after authority on all things related to travel, adventure, entertainment, and lifestyle in Africa. As an international freelance journalist, Monte has made significant contributions to various prestigious publications worldwide. His captivating articles, insightful interviews, and engaging features have graced the pages of leading entertainment magazines, lifestyle publications, and reputable news outlets. Monte's unique ability to capture the essence of Africa's entertainment and lifestyle scene has garnered widespread acclaim and recognition. With a love for exploration and a thirst for adrenaline, Monte also thrives as an active adventure reporter. He has embarked on daring expeditions, immersing himself in Africa's wild landscapes, and documenting his adrenaline-pumping experiences. Whether it's conquering treacherous peaks, exploring remote jungles, or engaging in heart-pounding activities, Monte's adventurous spirit and daring escapades inspire readers to embrace their own sense of adventure. In addition to his work in journalism and adventure reporting, Monte is a leading entertainment & lifestyle blogger in Africa. Through his influential blog, he offers readers an insider's view of the continent's vibrant entertainment scene, trendy hotspots, fashion trends, culinary delights, and cultural experiences. Monte's unique blend of storytelling, personal insights, and expert recommendations has made his blog a go-to resource for entertainment and lifestyle enthusiasts seeking the pulse of Africa's dynamic culture. Beyond his professional pursuits, Monte is a passionate advocate for promoting Africa's talent, creativity, and cultural diversity. He actively supports and champions emerging artists, musicians, designers, and entrepreneurs, helping to showcase their work to a broader audience. Monte's dedication to promoting Africa's vibrant entertainment and lifestyle industry has positioned him as a respected influencer and tastemaker within the African and global entertainment communities. With a commitment to excellence, a passion for exploration, and a talent for captivating storytelling, Monte Oz continues to captivate audiences worldwide. As an international freelance journalist, travel and active adventure reporter, and leading entertainment & lifestyle blogger, his work has left an indelible mark on the world of journalism, travel, and entertainment, solidifying his position as a trusted authority and go-to resource for all things related to African travel, adventure, and lifestyle.