NEW: Biden-Harris Administration Announces Additional Student Loan Forgiveness for 120,700 Wisconsinites

Jan 12, 2024

NEW: Biden-Harris Administration Announces Additional Student Loan Forgiveness for 120,700 Wisconsinites

MADISON, Wis. — Today, the Biden-Harris administration announced additional steps to provide life changing relief to Wisconsin students and families. Starting next month, Wisconsin borrowers enrolled in the SAVE plan who took out less than $12,000 in loans and have been in repayment for 10 years will get their remaining student debt canceled immediately. In response, Democratic Party of Wisconsin Communications Director Joe Oslund released the following statement:

“A college education should be an asset, not a burdenbut for too long, Americans have been saddled with decades of debt, struggling to get ahead. Even in the face of MAGA Republican efforts to block student debt relief, President Biden and Vice President Harris have maintained an unwavering belief that higher education should be a ticket to the middle class. Thanks to the Biden-Harris administration, 120,700 Wisconsinites have already been benefiting under the SAVE plan, and today’s announcement will provide further relief for many of those borrowers. President Biden and Vice President Harris are working around the clock to help Wisconsinites working families get ahead.”

Here’s a look at how the Biden-Harris administration is providing relief for Wisconsinites:

  • Since taking office, the Biden-Harris administration has approved more than $127 billion in debt relief for nearly 3.6 million Americans, including $816.3 million for Wisconsinites alone.
  • Last year, the administration launched the most affordable student loan repayment plan—SAVE—which makes many borrowers’ monthly payments as low as $0 and prevents balances from growing because of unpaid interest when the full monthly payment is made.
  • The Biden-Harris administration secured the largest increase to Pell Grants in a decade, and finalized new rules to protect borrowers from career programs that leave graduates with unaffordable debts or insufficient earnings.
  • In the wake of the Supreme Court decision on the administration’s original student debt relief plan, President Biden announced an alternative path to debt relief through negotiated rulemaking under the Higher Education Act.