Navigating Student Loan Forgiveness and Cancellation: What You Need to Know

The US Department of Education has already canceled more than $66 billion in education debt under existing programs, benefiting over 2 million borrowers, including defrauded students and those who work in the public sector. The Public Service Loan Forgiveness program has canceled $42 billion in debt for more than 615,000 borrowers since October 2021. Around 1 million people have had their debt relieved through the borrower defense loan discharge, for a total of $13.3 billion in relief. Around 425,000 federal student loan borrowers have had their debt forgiven under the Total and Permanent Disability Discharge, for a total of $9.1 billion in debt erased. The Biden administration's sweeping student loan forgiveness plan could wipe out as much as $400 billion in debt.