President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president’s student loan forgiveness program.
Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.
With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.
What’s insane is this is barely a drop in the bucket…
There’s over 1,770 billion in student loans debt.
When people say 1.77 trillion, it might not be immediate how little a few billion is to the larger issue.
But it’s only around 0.2% of total debt. Probably less because the 1.77 trillion is rounded, and at this scale that’s what 5 billion is. A rounding error they don’t even include that digit when talking about the total amount.