Biden Breaks Record: Over 5 Million Student Loans Forgiven Amid Controversy

President Joe Biden's administration has cancelled student loans for over 5 million Americans, surpassing any previous president. Expanding existing programs, the administration waived $183.6 billion in debt, facing Republican opposition. With looming political changes, the future of these forgiveness initiatives remains uncertain.

In a historic move, President Joe Biden's administration has forgiven student loans for over 5 million Americans, setting a new record. This broad relief stems from the expansion of existing programs, which saw $183.6 billion in student debt waived under his tenure.

The Education Department recently cancelled loans for 150,000 borrowers through programs in place before Biden's presidency. Although the Supreme Court rejected his plan for new broad forgiveness policy, his administration maximized existing mechanisms, offering significant relief.

As Republicans prepare to control Congress and the presidency, the future of Biden's student loan forgiveness policies remains unclear. The GOP has criticized these measures, asserting they transfer costs to taxpayers, many of whom never incurred student loan debt.

(With inputs from agencies.)