Here are some examples of students who were eligible for Biden's student loan forgiveness

Since Biden was elected, 725,000 borrowers have had student loan debt canceled by the Education Department. It totaled more than $17 Billion.

In January 2021, President Joe Biden was inaugurated. Since then, thousands of Americans have had their student loans forgiven.

The Education Data Initiative reports that while a substantial portion of the population has benefited from federal student loan forgiveness programs, approximately 43 million federal borrowers still owe an estimated $1.6 trillion of college debt.

Learn more about who can have student loans forgiven. If you are one of many borrowers who still owe student loans, then consider student loan refinancing as an option. Credible lets you compare multiple private lenders’ student loan refinance offers for free without affecting your credit score.

Who was eligible for Biden’s student loan forgiveness?

Under the Biden administration, the Department of Education provided more than $17B worth of student loan relief for approximately 725,000 borrowers through the following student forgiveness programs.

  • Discharge for total and permanent disability
  • Public Service Loan Repayment
  • Protection for the Borrower
  • Closed school discharge

The sections below provide more information on each program.

Discharge for total and permanent disability

  • Eligible Borrowers: 400,000+
  • Total debt forgiveness: $7.8 billion

Borrowers who are completely or permanently disabled may be eligible for student debt relief under the total and permanent disability discharge program.

Qualified borrowers do not have to repay federal student loans, including Direct Loan Program loans, federal family education loans (FFEL), and Federal Perkins Loans. If they do not complete the TEACH Grant service obligation, their loans will be forgiven.

Previously, student loan borrowers were required to apply for a TPD discharge. But the Education Department announced in August 2021 that these borrowers would automatically receive relief through an existing data matching with the Social Security Administration. It resulted in about $5.8 trillion in automatic student loan disbursements.

For 41,000 borrowers who hadn’t reported earnings information, the Biden administration restored $1.3 billion in TPD discharging in March 2021.

Suppose you cannot qualify for TPD discharge due to a total or permanent disability. In that case, you might be able to apply for the Federal Student Aid website with documentation from your doctor. Credible allows you to review other student loan repayment programs, such as refinancing, even if you are still not eligible for a TPD discharge.

Public Service Loan Repayment

  • Eligible Borrowers: 113,000+
  • Total debt forgiveness: $6.8 billion

The public Service Loan Forgiveness program (PSLF) offers federal student loan relief to borrowers employed in government or non-profit organizations. After making 120 qualifying payments, eligible borrowers can have their federal loan debt paid off.

PSLF was criticized for its poor approval rate. 98% of PSLF applicants have been denied since its inception. Biden opened a public inquiry about PSLF. Borrowers criticized the program as “broken” or “confusing.”

This waiver allows public servants, such as nurses or special education teachers, to be eligible for the program if they consolidate their federal loans by October 31, 2022.

The policy made 22,000 borrowers immediately eligible to receive $1.74 billion in loan forgiveness. Additional 27,000 borrowers will have to prove their employment to be eligible for student loan relief of up to $2.82 Billion. According to the Biden administration, more than 113,000 borrowers are eligible for $6.8 Billion in student loan relief.

This action will bring more than 550,000 borrowers closer to PSLF loan disbursement. Additionally, those borrowers denied the PSLF loan might have their cases reviewed.

The PSLF eligibility requirements require that borrowers work for a qualifying employer. That could be a non-profit or federal government. To check your eligibility, you can use the PSLF Help tool. Refinancing may be an option if your student loan debt is not eligible for PSLF.

Protection for the Borrower

  • Eligible Borrowers: 105,000
  • Total Debt Forgiveness: Nearly 2 Billion

Students who were misled or were involved in misconduct at school can apply for the borrower defense to a repayment program. 7,000 borrowers were eligible for forgiveness under the student loan forgiveness program if they received a discharge from a closed school.

In June 2021, The Education Department announced that students who attended the now-defunct ITT Technical Institute would have their student loans forgiven by $500 million.

In July 2021, the Biden administration approved additional 1,800 borrower defense claims for Westwood College students, Marinello Schools of Beauty, Court Reporting Institute, and Marinello Schools of Beauty. 16,000 more borrowers approved the program in February 2022. That brings the total number of Borrower Defense Loan Cancellations under the Biden Administration to close to $2 billion.

The department is currently reviewing any future rulemaking concerning borrower defense. ED will hold Public hearings in June 2021 to gather feedback. The FSA website allows you to apply for borrower defense.

Closed school discharge

  • Eligible Borrowers: 115,000
  • Total debt forgiveness: $1.26 billion

If a school closes while a student is enrolled or after graduation, they may be eligible for federal student loan forgiveness under the closed school discharge program.

August 2021: The department granted $1.26 Billion in additional relief to 115,000 ITT borrowers who had left ITT after March 31, 2008.

Closed school discharge

  • Eligible Borrowers: 115,000
  • Total debt forgiveness: $1.26 billion

If a school closes while a student is enrolled or after graduation, they may be eligible for federal student loan forgiveness under the closed school discharge program.

In August 2021, the department granted $1.26 BILLION in additional relief to 115,000 ITT borrowers who had left ITT after March 31, 2008.

While private student loans don’t qualify as grants, they offer a viable borrowing alternative for those who have satisfied the federal loan limits.

Alex Gold

Alex Gold

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