Biden Announces Additional $9 Billion in Student Loan Forgiveness, Bringing Total to $127 Billion for Nearly 3.6 Million Borrowers

President Biden recently announced an additional $9 billion in student loan forgiveness, bringing the total under his administration to $127 billion for nearly 3.6 million borrowers.

The latest relief includes $5.2 billion for public service workers, $2.8 billion fixing income-driven repayment issues, and $1.2 billion for borrowers with disabilities.

Biden says the forgiveness is "lifechanging" for borrowers and families, enabling them to buy homes, start businesses, and start families.

An expert says while helpful, $9 billion is still a small fraction of total federal student loan debt outstanding.

Another expert raises concerns about issues borrowers face with loan servicers as payments resume, like incorrect billing and forced forbearances.