Home Debt Biden to forgive $4.9 billion in student debt for 73,600 borrowers

Biden to forgive $4.9 billion in student debt for 73,600 borrowers

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US President Joe Biden speaks at Abbotts Creek Community Center during an event to promote his economic agenda in Raleigh, North Carolina, on January 18, 2024. 

Saul Loeb | AFP | Getty Images

The Biden administration announced on Friday that it would forgive $4.9 billion in student debt for 73,600 borrowers.

The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness Program.

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