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IPFS News Link • Student Loans/Debt

Mass Student Loan Forgiveness Is Already Happening

• https://reason.com by MIKE RIGGS

While progressive Democrats in Congress have yet to pass a universal student loan forgiveness bill, the Department of Education has nevertheless forgiven billions of dollars in federal student loan debt since Joe Biden became president. And even without new statutory authority, the federal government is slated to forgive increasingly more student loan debt in the future, thanks to the Biden administration's expansive interpretation of the Education Department's existing authorities, as well as a law signed by George W. Bush way back in 2007 that mandates loan forgiveness for certain borrowers. 

Let's start with the federal student loan debt forgiveness for low-income and disabled borrowers, which the Department of Education says has erased "$9.5 billion, affecting over 563,000 borrowers," since January 1, 2021. That sum breaks down roughly as follows: 


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