# New U.S. Student Loan Forgiveness Program Totals $175 Billion for 5 Million Borrowers! 🎓

**URL:** <https://onehack.st/t/new-u-s-student-loan-forgiveness-program-totals-175-billion-for-5-million-borrowers/294026>\
**Category:** News & Articles\
**Tags:** tools, news\
**Created:** [October 19, 2024, 7:05pm UTC](https://onehack.st/t/new-u-s-student-loan-forgiveness-program-totals-175-billion-for-5-million-borrowers/294026 "2024-10-19T19:05:13Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\
**Post date:** [October 19, 2024, 7:05pm UTC](https://onehack.st/t/new-u-s-student-loan-forgiveness-program-totals-175-billion-for-5-million-borrowers/294026/1 "2024-10-19T19:05:13Z")

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**Summary:**

1. **Significant Debt Forgiveness Announced**  
The Biden administration has approved a new round of student loan forgiveness amounting to **$4.5 billion** for over **60,000** public service workers, contributing to a total of **$175 billion** in relief for nearly **5 million borrowers**.

2. **Average Relief Per Borrower**  
On average, each of the 5 million borrowers has received approximately **$35,000** in debt relief, which represents about **11%** of the total outstanding U.S. federal student loan debt.

3. **Addressing Program Loopholes**  
This recent forgiveness aims to correct shortcomings in the **Public Service Loan Forgiveness (PSLF)** program established in **2007** , which previously only benefitted about **7,000** individuals before the current administration took office.

4. **Broader Impact on Borrowers**  
Beyond the recent announcement, the Biden administration has facilitated debt relief for **572,000** permanently disabled borrowers and has assisted over **1.6 million** borrowers who were defrauded by their educational institutions.

5. **Comparison with Previous Initiatives**  
While the total forgiven under this administration is unprecedented, it remains less than half of the **$430 billion** that would have been canceled under a one-time forgiveness plan that was invalidated by the Supreme Court last year.

**Read more at:** [CNN](https://www.cnn.com/2024/10/17/politics/biden-student-loan-forgiveness/index.html)