Approximately 813,000 students who took out loans to receive an education are set to receive an email from President Joe Biden letting them know that their loans are forgiven, according to the White House.
The emails will be sent as confirmation that their student loan debt has been canceled or that they’ve already received relief for the cost of education.
Sent to ensure that it’s known that the help came from Biden and his administration, the latest confirmation in the emails rolled out means that the total amount of debt erased by the president has gone up to $127 billion in loan money.
Giving help to over 3.5 million borrowers, the amount of student debt forgiven by Biden is more than the loan erasure provided by any other president in U.S. history.
On Thursday’s airing of The Karen Hunter Show, listeners called in to give their testimonies on how Biden’s loan forgiveness program has impacted their lives, filling up the lines to tell their stories as Hunter reported that she could’ve done a full-hour of their accounts alone.
“I get home from Thanksgiving break and there’s a check in the mail. I’m thinking it’s my $800 check,” said one listener. “It was for a year’s worth of $825 payments because my student loan should’ve technically been forgiven before the pandemic.”
Taking the conversation over to social media, more listeners revealed that they had up to hundreds of thousands of student debt forgiven.
“$351,652.53 in student loans forgiven,” shared one user online. “This is the highest amount I’ve seen, but apparently, in the Public Service Loan Forgiveness (PSLF) group, there are higher amounts that were forgiven since the Biden Harris administration changed the PSLF program.”
Over the course of months, the Biden Harris administration has provided $51 billion in relief to 715,000 borrowers who took out loans through programs such as the Public Service Loan Forgiveness program.
Approximately $42 billion in relief was also provided to 855,000 borrowers who were denied forgiveness despite being qualified for it under income-driven repayment plans.
Along with following through on student debt forgiveness promises, in August, the Biden Harris administration announced a new plan that’ll lower payments for students who need to continue to borrow loans.
Replacing the Revised Pay As You Earn Plan, the Saving on a Valuable Education (SAVE) Plan decreases monthly payments by basing the payment plan on the student’s smaller adjusted gross income. The program also prevents extra charges by covering accrued monthly interests that can’t be paid on time.
Students interested in the SAVE Plan can apply through the IDR application.
