President Biden’s Student Loan Forgiveness: The Plan Explained

President Biden’s student loan forgiveness program had its restraining order lifted, allowing the Biden administration to move forward with the plan.

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WASHINGTON, DC - SEPTEMBER 30: U.S. President Joe Biden speaks after meeting with North Carolina Governor Roy Cooper, FEMA Administrator Deanne Criswell, and Homeland Security Advisor Liz Sherwood-Randall on the ongoing response to the aftermath of Hurricane Helene in the Oval Office of the White House on September 30, 2024 in Washington, DC. The President has said he plans to travel to North Carolina on Wednesday as authorities face challenges delivering supplies to isolated, flood-ravaged areas in the Southeastern United States as the death toll from Hurricane Helene tops 100. (Photo by Kent Nishimura/Getty Images)
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President Joe Biden is nearing the end of his presidential term and is dedicating time to the nation in his last few months — from dropping out of the upcoming election to his administration being allowed to move forward with the student loan forgiveness plan, per CNBC. A federal judge lifted a temporary restraining order on the Biden administration’s plan, which could provide relief to many Americans facing financial burdens due to student debt.

“I’m investing in the American agenda.  We expect to create millions of jobs over the next decade.  We’ve already created over 15 million new jobs — 15 million new jobs.  And a significant number of these do not require a college degree, including across Wisconsin,” the 46th President stated while addressing the state of Wisconsin about the student loan forgiveness plan.

Learn more about the plan below.

What Is Joe Biden’s Student Loan Forgiveness Plan?

This program aims to help pay off a substantial portion or the full amount of a student’s debt. In an address in Wisconsin in April 2024, the 81-year-old President remarked,“And altogether, my administration has taken the most significant action to provide student debt relief ever in the history of this country. We started by fixing two existing programs to get more people the student debt relief than their — that they were entitled to.” He added, “If we do this, the economic gains will far outweigh the cost.  And that’s not hyperbole; that’s the truth.”

Who Qualifies for Biden’s Student Loan Forgiveness Plan?

According to the Federal Student Ai, website, to qualify for this plan, students must meet one of the following criteria: currently paying more than the initial loan amount, you started repaying your debt years ago, you qualify for the program but have not yet applied, or you have enrolled in low-value financial programs aimed at helping pay off your debts.

How to Apply for Biden’s Student Loan Forgiveness?

All information is available on the Federal Student Aid website, or students can refer to President Biden’s Instagram post for details related to the loan forgiveness program.