Biden's student loan forgiveness now tops $9.5 billion—but eligibility is narrow
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$1.3 billion in reversed loan reinstatements for TPD borrowers who had their previous disability discharges undone because of a failure to comply with the Department of Education’s post-discharge monitoring requirements. The reversals essentially will return previously-discharged loans that were reinstated back to a discharged and cancelled status.
But these actions also fall far short of what borrower advocates and their allies in Congress have urged Biden to do. The $9.5 billion in student loan relief amounts to a fraction of 1% of outstanding total student loan debt, which tops nearly $1.8 trillion.
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