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Biden Is Canceling $7.7 Billion In Student Debt — Here’s Who Qualifies For Relief

Ever since declaring his presidential candidacy in 2019, one of President Joe Biden’s initiatives has been to alleviate millions of dollars worth of student debt — gaining him support from many Gen-Z voters who are currently or soon-to-be grappling with student loan repayments. However, with the U.S. economy struggling and many believing him to be out of touch with recent political issues — notably the Israel-Hamas war in Gaza — many Gen-Z voters aren’t currently Biden’s biggest fans. However, the needle may move slightly toward the incumbent president, as the Biden-Harris administration is officially canceling $7.7 billion in student debt for over 160,000 borrowers.

When it comes to who qualifies for Biden’s May 2024 student debt relief, it boils down to three categories of borrowers. These categories include those receiving Public Service Loan Forgiveness (PSLF); those who signed up for Biden’s Saving on a Valuable Education (SAVE) Plan and are eligible for its shortened time-to-forgiveness benefit; and those receiving forgiveness on income-driven repayment (IDR) as a result of fixes made by the Biden-Harris administration. 

“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” Biden said in a statement released with the announcement of the debt cancellation news. “Each of those borrowers has received an average of over $35,000 in debt cancellation.”

In addition to releasing a statement, on the POTUS Instagram page, Biden also stated that from Day 1 of his being in office, it was always his goal to alleviate student debt. “I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us.”

Ultimately, the Biden-Harris administration canceling billions of dollars’ worth of student debt could help alleviate one of many societal responsibilities that Gen-Z has to face as they come of age. But will Biden’s cancellation of 7.7 billion dollars of student debt have an impact on the 2024 election? Time will tell.

Eliana Jacobs is a National Contributing Writer for Her Campus. Born and raised in Southwest Florida, Eliana writes articles about lifestyle, Her 20s, and career-related goals/activities. Before becoming a national writer, Eliana wrote under the UCF Her Campus Chapter,where she wrote about health and wellness. Additionally, she has a passion for social justice, advocacy, and race-related news. Beyond Her Campus, Eliana also writes flash fiction and poetry for the nation’s largest student-run organization, Strike Magazine. Some of her most recent publications include Life In Plastic: It’s “Fantastic”. Eliana also was awarded multiple honorable mentions for her writing during her undergraduate career in her school’s Tutors’ Choice Flash Fiction Contest. Lastly, she recently graduated from the University of Central Florida, earning a dual degree in Sociology and Interdisciplinary Studies on a Pre-Medical Track. Ultimately, Eliana aspires to pursue an MD/MPH to specialize in Pediatric Endocrinology while intersecting her passion for public health through medical research, poetry, and journalism. In her free time, Eliana enjoys shopping, working out, and traveling. Lastly, Eliana loves exploring local cuisines and documenting restaurants she tried (Orlando and beyond) on her food Instagram.