Despite failing to deliver his promise for broad student loan forgiveness, President Joe Biden has now overseen the cancellation of student loans for more than 5 million Americans — more than any other president in U.S. history.
In a last-minute action on Monday, the Education Department canceled loans for 150,000 borrowers through programs that existed before Biden took office. His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court rejected Biden’s plan for a new forgiveness policy.
“My Administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country,” Biden said in a written statement.
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