Mike Huckabee, the new US ambassador to Israel, discusses President Biden's upcoming foreign policy speech on the 'bottom line'.
President Biden On Monday, it announced the approval of student loans for more than 150,000 people, and the White House announced a total of more than 5 million beneficiaries during the presidency.
With just a week to go until his inauguration, Biden said his administration has “taken historic action to reduce the student debt burden, hold bad actors accountable, and fight on behalf of students across the country.”
“These 150,000 borrowers include: approximately 85,000 borrowers who attended schools that cheated and defrauded their students, 61,000 borrowers with total and permanent disability and 6,100 public service employees,” Biden said in a statement.
Biden boasted that his administration had also provided an unprecedented increase to the bridge grant maximum over the past 10 years.
Biden administration reverses course, reopens income-based student loan repayment programs
President Biden made reducing student debt a priority for his administration. (Ron Sacks/Getty Images)
“I promised to make sure Higher education “It's a ticket to the middle class, not a barrier to opportunity, and I'm proud to say that we've forgiven more student loan debt than any other administration in history,” Biden said in a statement.
The Department of Education noted that with the latest action, total government aid will reach $183.6 billion.
Last month, the Department of Education (DOE) announced two student loan repayment plans for enrollment after a federal court ruling against Biden administration Save Valuable Training Program (SAVE).
Supreme Court ruling on Biden's student loans
President Biden speaks at an event in Madison, Wisconsin, on April 8, 2024. (Daniel Steinle/Bloomberg via Getty Images/Getty Images)
New enrollments in the Pay As You Earn (PAYE) and Income Conditional Repayment (ICR) programs were halted last summer in an effort to phase them out and encourage borrowers to enroll in the Biden-Harris administration's SAVE plan, but now people can Register again
Two restructured plans offer credit for public service loan forgiveness and income-based repayment. Monthly payments are based on the borrower's income, family size, and allow borrowers to receive forgiveness after “long periods of payments,” the DOE said.
Melissa Byrne, center, joins student loan borrowers to urge President Biden to use 'Plan B' for immediate student debt relief during a rally outside the US Supreme Court on June 30, 2023 in Washington, DC. (Paul Morighi/Ma 45 Million/Getty Images)
Click here to read more about FOX BUSINESS
DOE said new PAYE and ICR registrations will be open until July 1, 2027.