In total, the Department of Education has approved discharging $8.7 billion in student loan debt for more than 450,000 borrowers.
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That amount has included:
- $7.1 billion for borrowers who were eligible for relief because of “total and permanent disability.”
- $55.6 million in loan discharges for students who attended three trade schools that officials said misrepresented themselves to students.
- Another $1 billion for other students defrauded by their schools.
The Biden Administration has cancelled nearly $10 billion in student loan debt since January 2021, according to the U.S. Department of Education. The Department reported they have approved $9.5 billion in student loan discharges since January 2021, affecting approximately 563,000 borrowers. This has given borrowers the ability to tackle other debts, invest and increase savings.