Oklahoma Student Debt Relief for 4,060 by President Joe Biden

GREENWOOD Dist. — President Biden has announced that 277,000 more borrowers across the country, including 4,060 from Oklahoma, will have their student loans forgiven, emphasizing the impact of Oklahoma student debt relief.

The announcement adds to the total debt relief provided by the Biden-Harris Administration, which now stands at nearly $153 billion for 4.3 million Americans. This total includes $1.5 billion for 36,640 Oklahoma student debt relief applicants. These state-specific numbers do not include the 1.3 million borrowers who received debt relief because they were misled by their schools, their schools closed suddenly, or they were part of related legal settlements.

President Biden Announces Cancellation for 277,000 More Borrowers

“Today, my Administration is canceling student debt for 277,000 more people, bringing the total number of Americans who have been approved for debt relief so far under my Administration to 4.3 million borrowers through various actions. These 277,000 borrowers are enrolled in my Administration’s SAVE Plan or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness,” said President Biden.

“From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity. I will never stop working to cancel student debt – no matter how many times Republican elected officials try to stop us,” POTUS added.

President Biden recently announced new plans for debt cancellation. If implemented, these plans will eliminate student debt for over 30 million Americans. This will be in addition to the actions taken by the Administration over the last three years. This week’s announcements further reinforce the President’s commitment. He aims to use every available path to deliver student debt relief to as many borrowers as possible through various actions.

Expanding Access and Rectifying Past Failures for Oklahoma Student Debt Relief Borrowers

The 4,060 borrowers in Oklahoma are receiving debt relief in the latest round. These borrowers enrolled in the SAVE Plan and took out loans with low balances. Other recipients include borrowers who enrolled in Income-Driven Repayment plans. Past administrative failures prevented them from receiving the relief to which they were entitled. Additionally, the inclusion covers some borrowers who received Public Service Loan Forgiveness.

The Biden-Harris Administration fixed Income-Driven Repayment and launched the SAVE Plan last year. This plan ranks as the most affordable repayment plan ever created. Already, nearly 8 million borrowers have enrolled in SAVE. This includes 87,800 borrowers in Oklahoma. Starting in July, the SAVE Plan caps undergraduate loan payments at 5%.

It prevents balances from growing due to unpaid interest. The plan also puts borrowers on a faster path to debt relief. This applies after at least ten years of payments for those who took out low balances of loans. Borrowers should visit StudentAid.gov/SAVE to learn how to save money through the SAVE Plan.

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Biden-Harris Administration’s Broad Impact: Over $54 Billion in Student Debt Cancellation

Since President Biden took office, his Administration has approved over $54 billion in debt cancellation. This relief has benefited 1.4 million borrowers enrolled in income-driven repayment plans, including the new SAVE Plan. Additionally, the Biden-Harris Administration has taken further actions. They have canceled debt for nearly 900,000 public service workers.

Also, 1.3 million borrowers cheated by their schools or covered by related court settlements have had their debts canceled. Furthermore, nearly 550,000 borrowers with a total and permanent disability, including many veterans, have also received debt cancellation.

Oklahoma Student Debt Relief:

• The Biden-Harris Administration has approved $70 million in debt cancellation for 4,920 people in Oklahoma through SAVE early loan forgiveness.
• The Biden-Harris Administration has approved $686 million in debt cancellation for 14,030 people in Oklahoma through fixes to other Income-Driven Repayment plans.
• The Biden-Harris Administration has approved $519 million in debt cancellation for 7,990 public service workers in Oklahoma.
• The Biden-Harris Administration has approved $225 million in debt cancellation for 9,700 people in Oklahoma with a total and permanent disability
• In total across SAVE, IDR, PSLF, and TPD, the Biden-Harris Administration has approved $1.5 billion in debt cancellation for 36,640 people in Oklahoma.

The Administration is continuing to cancel Americans’ student debt. This is happening through improvements to existing forgiveness programs and through the SAVE Plan. Additionally, the Biden-Harris Administration is pursuing new plans.

If implemented, these plans would cancel student debt for tens of millions more people. Earlier this week, the President announced an alternative path to debt cancellation. This announcement follows last year’s Supreme Court decision. You can learn more about these plans at StudentAid.gov/DebtRelief.