Biden Forgives Over $166 Billion in Student Loan Debt

Despite strong opposition from Republicans and multiple court rulings blocking his plans, President Joe Biden has continued to push forward with his goal of canceling federal student loan debt. Since he took office, Biden has managed to erase approximately $166.5 billion in federal student loans through a range of relief programs, a move that has sparked both praise and frustration across the political spectrum.

While many borrowers celebrate this financial relief, critics argue that the policy favors certain demographics and question its fairness to U.S. taxpayers, particularly those who have already paid off their student loans or never attended college.

Since his first days in office, Biden has set out to expand access to education by tackling student debt, a burden that affects millions of Americans. His approach has relied on enhancing existing debt relief programs rather than pursuing widespread loan forgiveness, which was blocked by the Supreme Court in 2023. However, by maximizing the effectiveness of existing programs, Biden has still managed to deliver targeted relief to millions of borrowers.

In a recent announcement in October, Biden proudly shared that his administration had canceled an additional $4.5 billion in student debt owed by more than 60,000 public sector employees through the Public Service Loan Forgiveness (PSLF) program. The PSLF program, designed to forgive loans for those who work in public service for at least 10 years, had previously benefited only a limited number of borrowers before the Biden administration overhauled the system. Under his leadership, more than a million borrowers working in public service have now had their debts erased through the program.

Biden also highlighted the significant progress made in expanding various other programs, which have helped nearly 5 million borrowers receive relief. “From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” he said, vowing to continue his efforts “no matter how many times Republican elected officials try to stop us.”

Through several Department of Education initiatives, Biden’s team has provided approximately $166.5 billion in debt forgiveness to around 4.4 million borrowers, with an average cancellation of $38,207 per borrower. But the distribution of relief varies widely across states, with certain regions receiving more extensive relief.

Notably, Democratic-leaning states and regions with a high percentage of college-educated voters saw the largest impact from these efforts. The District of Columbia, for example, led the nation with more than $806 million in loans canceled for over 15,000 borrowers, resulting in an average forgiveness of more than $52,000 per borrower. Following D.C., Vermont, Maryland, New York, and South Carolina rounded out the top states with the highest average relief per borrower.

Republican lawmakers and conservative groups have raised objections to Biden’s student debt forgiveness efforts, arguing that they unfairly benefit a relatively small segment of the population while ignoring the financial obligations of millions of other Americans. They point out that student loan debt forgiveness does not address those burdened by other types of debt, such as credit card or medical debt.

In response to Biden’s persistence in forgiving student loans, multiple federal courts, including the Supreme Court, have ruled against some of his initiatives, blocking sweeping forgiveness programs on grounds that they exceed executive authority. GOP leaders argue that Biden’s approach effectively bypasses Congress, which holds the constitutional power over federal spending.

While Biden has acknowledged the limitations imposed by these court decisions, he has consistently found ways to work within the scope of existing Department of Education programs to continue relieving student debt. These targeted forgiveness measures have allowed him to sidestep some legal hurdles, though they remain highly controversial among his opponents.

The debate around Biden’s debt forgiveness efforts centers largely on fairness. Critics say that forgiving student debt without offering similar relief for other types of debt unfairly benefits college graduates, a demographic that generally leans Democratic. The policy has drawn sharp criticism from those who view it as a partisan maneuver that rewards a specific voter base while leaving many other Americans behind.

However, supporters argue that student debt relief is essential for economic mobility and that Biden’s efforts will have long-term benefits for the U.S. economy. They say that canceling student loans allows borrowers to pursue career advancement, homeownership, and other financial goals without the burden of overwhelming debt.

Despite facing obstacles, Biden’s administration continues to push for ways to address student debt through the federal system. His persistence in pursuing debt relief has become a defining feature of his presidency, underscoring his commitment to reshaping higher education financing.

With President-elect Donald Trump set to take office in a few months, it remains uncertain whether Biden’s student debt relief measures will be expanded or rolled back. Trump has criticized Biden’s student loan forgiveness efforts in the past and may seek to curtail these programs once he takes office.

As the debate over student loan forgiveness continues, Biden’s actions have drawn attention to the broader challenges of financing higher education in the United States. Whether future administrations will continue his debt relief measures or pursue alternative approaches to make education more affordable remains to be seen, but the issue is sure to remain central to American politics for years to come.