Statement from President Joe Biden on Student Loan Debt Cancellation for More Than 800,000 Borrowers | The White HouseSkip to contentYou have JavaScript disabled. Please enable JavaScript to use this feature.Toggle High Contrast Toggle High Contrast Toggle Large Font Size Toggle Large Font Size The White HouseThe White House The White House Home AdministrationPrioritiesThe RecordBriefing RoomEspañol InstagramOpens in a new windowFacebookOpens in a new windowTwitterOpens in a new windowYouTubeOpens in a new window Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement MenuCloseTo search this site, enter a search term SearchMobile Menu OverlayAdministrationShow submenu for “Administration””President Joe BidenVice President Kamala HarrisFirst Lady Dr. Jill BidenSecond Gentleman Douglas EmhoffThe CabinetExecutive OfficesShow submenu for “Executive Offices””Council of Economic AdvisersCouncil on Environmental QualityDomestic Policy CouncilGender Policy CouncilNational Economic CouncilNational Security CouncilNational Space CouncilOffice of Intergovernmental AffairsOffice of Management and BudgetOffice of the National Cyber DirectorOffice of National Drug Control PolicyOffice of Public EngagementOffice of Science and Technology PolicyOffice of the United States Trade RepresentativeClimate Policy OfficePresidential Personnel OfficePrioritiesBriefing RoomThe White HouseShow submenu for “The White House””PresidentsFirst FamiliesThe GroundsOur GovernmentGet InvolvedShow submenu for “Get Involved””Write or Call The White HouseJoin UsWhite House FellowsWhite House Internship ProgramThe RecordDisclosuresEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowTwitterOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 To search this site, enter a search term SearchAugust 14, 2023 Statement from President Joe Biden on Student Loan Debt Cancellation for More Than 800,000 Borrowers Home Briefing Room Statements and Releases On Day One of my Administration, I promised to fight for hardworking families and to fix problems in the student loan system that have been failing borrowers for too long. I’m proud that my Administration is delivering on that promise and has already approved over $116 billion in debt cancellation for 3.4 million Americans – no matter how many lawsuits, challenges, or roadblocks Republican elected officials or special interests put in our way.When I came into office, hundreds of thousands of borrowers weren’t accurately getting credit for student loan payments that should have delivered them forgiveness under Income-Driven Repayment plans or were placed into forbearance by loan servicers in violation of Department of Education rules. Under these plans, if a borrower makes 20 or 25 years’ worth of payments, they get the remaining balances of their loans forgiven. But because of errors and administrative failures of the student loan system that started long before I took office, over 804,000 borrowers never got the credit they earned, and never saw the forgiveness they were promised – even after making payments for decades.I was determined to right this wrong, and today, because of actions my Administration took, these 804,000 borrowers who have been in repayment for over 20 years will start to see their student debt cancelled. Over 614,000 of them will have all of their remaining federal student loan debt cancelled once this action is complete.Today’s actions come on top of all we’ve been able to achieve for students and student loan borrowers in the past few years. This includes: achieving the largest increases in Pell Grants in over a decade to help families who earn less than roughly $60,000 a year; fixing the Public Service Loan Forgiveness program so that borrowers who go into public service get the debt relief they’re entitled to under the law; and creating the most generous Income-Driven Repayment plan in history, called SAVE. Borrowers can go to studentaid.gov to apply. And, we’re not done. As I announced earlier this summer in the wake of the Supreme Court’s decision on our student debt relief plan, we will continue to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible. We will use every tool at our disposal to get student loan borrowers the relief they need to reach their dreams. ### Next Post: Press Briefing by Press Secretary Karine Jean-Pierre and FEMA Administrator Deanne Criswell Press Briefing by Press Secretary Karine Jean-Pierre and FEMA Administrator Deanne Criswell August 14, 2023 •Press Briefings Next Post Stay ConnectedSign UpEmail Address* RequiredZIP CodePlease leave blank.We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better. Opt in to send and receive text messages from President Biden. 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