Biden's $4.8B Student Debt Pardon: Unprecedented Relief
The Biden administration forgives $4.8 billion in student loan debt for 80,300 borrowers.
Relief stems from fixes to income-driven repayment plans and loan forgiveness programs.
Previously, borrowers struggled to access earned debt relief, says Education Secretary Miguel Cardona.
$2 billion aids $46,000 in income-driven repayment plans; loan servicer errors often prevent forgiveness.
34,400 public service workers receive $2.6 billion in loan cancellations.
The Public Service Loan Forgiveness program faced issues with debt erasure due to payment errors.
Biden has canceled nearly $132 billion in student debt for over 3.6 million Americans.
Higher education expert Mark Kantrowitz believes this action may aid Biden in his reelection.
Republican figures like Chris Christie and Ron DeSantis oppose mass student loan forgiveness.
A political/morning consultation poll shows a 2-to-1 margin of voters supporting at least partial loan forgiveness.