White House says over half of eligible student loan forgiveness recipients signed up in 1st week

This week, President Biden touted a successful first few days of open applications for federal student loan forgiveness this week, saying over half of eligible recipients have already signed up using the online portal that went live on Monday.

The president gave an address on Monday announcing the beta site had gone live, and eligible student loan forgiveness recipients would be able to log on and complete the application within minutes.

Biden lauded the new site’s user-friendly forgiveness application, saying the process is “simple, and it’s now. It’s easy. It’s fast.” 

At the end of the week, Biden announced during a White House briefing that almost 22 million borrowers had already submitted their applications for federal student loan forgiveness in just the first few days. That accounts for over half of the estimated total borrowers who are eligible for relief. 

The White House encountered a roadblock in its student debt forgiveness plans on Friday when a federal appeals court blocked the plan while it considers a motion from a handful of Republican-led states that say the plan is a presidential overreach.

The student loan forgiveness application remains live and borrowers are still able to complete the form in spite of the temporary stay on the program. 

Biden called the Republicans’ outrage “wrong and hypocritical” and said he doesn’t want to “hear from MAGA Republicans” on the issue after they have historically supported bailouts for major corporations and billionaires.