Nearly $189 billion in student loan forgiveness announced by Biden in final round.

• On Thursday, the Biden administration declared its final round of student loan forgiveness, relieving over $600 million in debt for numerous borrowers.
• The relief will be distributed to 8,650 borrowers, including 4,550 entitled to debt cancellation through the Income-Based Repayment plan and 4,100 former students of DeVry University.

On Thursday, the Biden administration declared its final round of student loan forgiveness, relieving over $600 million in debt for numerous borrowers.

The relief will be distributed to 8,650 borrowers, including 4,550 entitled to debt cancellation through the Income-Based Repayment plan and 4,100 former students of DeVry University whose debts were cleared due to Department findings that the for-profit chain made widespread substantial misrepresentations about its job placement rates.

DeVry University did not immediately respond to a request for comment.

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Biden will depart from the presidency after canceling $188.8 billion in student debt for 5.3 million borrowers.

Mark Kantrowitz, a higher education expert, stated that the announcement in the final days of Biden's term signifies the conclusion of an era.

According to Kantrowitz, President Biden has released more student loans than any of his predecessors.

In 2023, the Supreme Court prevented Biden's plan from providing broad student loan forgiveness to millions of borrowers.

The Biden administration successfully reduced a significant portion of the country's student debt through enhancements to the Education Department's existing debt relief programs.

In a statement, U.S. Secretary of Education Miguel Cardona said that four years ago, President Biden pledged to repair the flawed student loan system.

"We worked together to repair faulty programs, fight for cheated borrowers, and provide financial relief to hardworking Americans."

Borrower IDR repayment counts adjusted

The Department of Education in the United States declared on Thursday that it had made the necessary adjustments to its payment count for borrowers who are enrolled in income-driven repayment plans. These plans typically result in loan forgiveness after a specific period, which is usually 20 or 25 years.

The Biden administration aimed to address the issue of loan servicers not properly tracking borrowers' timeline, which had been a concern for consumer advocates and borrowers.

The Education Department stated that borrowers can now view an accurate payment count by logging into their accounts on Studentaid.gov.