Student loan forgiveness programs aim to offer relief for borrowers by forgiving some or all of their student loan debt.

By Dipak Jaiswal

Student Loan Forgiveness Program

Student Loan Forgiveness Program

Over 800,000 borrowers are projected to take advantage of the loan forgiveness program.

The program encompasses many different kinds of loans, such as Direct and Federal Family Education Loans held by the Education Department as well as Parent PLUS loans.

Critics contend that such forgiveness programs could lead to an increase in college tuition and fees in the long run.

President Biden and Vice President Harris remain committed to providing relief for student loan borrowers while addressing challenges related to student debt.

Under Secretary Miguel Cardona's leadership, the Education Department introduced the student loan forgiveness program to fix past administrative failures and ensure eligible borrowers receive the debt forgiveness they deserve.

Current repayment plans, particularly income-driven plans, have discrepancies that require corrective action from the government.

Student loan forgiveness brings great relief to over 800,000 borrowers, allowing them to focus on building brighter futures without the burden of student loan obligations.

The announcement of the loan forgiveness program faced opposition, particularly from some Republicans who criticized the administration's use of executive action.

The Biden administration's goal is to alleviate the student loan burden and expand access to affordable higher education by implementing measures such as the $39 billion loan forgiveness program.