President Joe Biden is leaving the White House without fulfilling many of his promises to federal student loan borrowers—but it wasn't for lack of trying.

Before he was elected, Biden promised borrowers cheaper student loan payments and easier forgiveness. Throughout hꦑis four years in office, he directed t❀he Department of Education to implement plans that closely followed his campaign promises, but many of them were blocked or paused by legal challenges.

Despite the challenges, Biden succeeded in forgiving or discharging the student loan debt of 5.3 million borrowers, totaling $188.8 billion.

What Did Biden Promise?

D♒uring his 2020 campaign, Biden laid out his plaไn for student loan borrowers.

He said those making $25,000 or less would not owe payments on their federal student loans, which wouldn't accrue interest. He said all other borrowers would only have to pay 5% of their discretionary income to their loans, and all borrowers would have their loans forgiven after 20 years.

He also promised to change the ta🌠x code so that borrowers who received 🃏income-based repayment plan forgiveness would not have to pay taxes on the forgiveness.

Additionally, Biden said he would simplify the Public Service Loan Forgiveness (PSLF) program. The updated program would offer $10,000 in forgiveness for every year a borrower spent as a public worker for 🤡up to five years🔯.

Biden Ca༒me Through On Some Of His Promises—Others 🧸Were Blocked In Court

Biden's initial student debt relief plan proposal would have forgiven up to $10,000 to $20,000 in student loan debt for lower to middle-income borrowers. It would have also created a new income-driven repayment plan to cut payments to 5% of a borrower's discretionary income.

The Supreme Court 澳洲幸运5官方开奖结果体彩网:blocked this proposal in June 2023, and🐎 the Biden administration began work on achieving some of those ends through 🍷other rulemaking processes.

Biden went on to introduce the 澳洲幸运5官方开奖结果体彩网:Saving for💃 a Valuable Education (SAVE) pl꧋an in October 2023, which reduced monthly payments to 10% of 💦discretionary income and provided forgiveness after 20 years.

Last July, a provision in the SAVE Plan was 澳洲幸运5官方开奖结果体彩网:scheduled to reduce payments to only 5% of borrowers' discretionary income. However, 澳洲幸运5官方开奖结果体彩网:those provisions were bloc♋ked in court before they could be implemented after much back and forth. All SAVE plan borrowers were 澳洲幸运5官方开奖结果体彩网:placed in forbearance at the end of that month until the lawsuits could be resolved. Biden was able to get in almost $5.5 billion in forgiveness through the repayment plan before it was shut down.

One promise Biden fulfilled was adjusting the tax code for forgiveness. Under the American Rescue Plan Act, borrowers with loans forgiven between Dec. 31, 2020, and Jan. 1, 2026 do not have to pay federal taxes on th𝐆at forgiveness.

The Biden administration also 澳洲幸运5官方开奖结ꦇ果体彩𝓰网:eased the eligibility rules for the PSLF program, allowing more service workers to obtain forgiveness for their loans. Before Biden entered the White House, only 7,000 borrowers had received forgiveness through the program. By the time he leaves, almost 1.1 million PSLF borrowers will have received $78.46 billion in forgiveness, the Department of Education said.

The administration also granted more than $34 billion in forgiveness to more than 1.9 million borrowers who attended schools that participated in misconduct and $18.7 billion to nearly 633,000 borrowers with total and permanent disabilities.

What's Next For Borrowers?

As Biden leaves and a new administration enters, with many incoming officials critical of SAVE and other student loan forgiveness plans, 澳洲幸运5官方开奖结果体彩网:borrowers♍ are wo🐎rried about the future of income-driven repayment and forgiveness pl♐ans.

The SAVE plan is still limited by ongoing l🌠awsuits and now awaits action from the 8th Circuit Court of Appeals. If the appeals court rules the program is illegal or the incoming administration chooses not to defend the plan, that could be the e൲nd of the SAVE Plan.

In addition, a top Republican lawmaker told Forbes in December that student loan forgiveness and repayment plan reform could come in early 2025 and block more than just the SAVE plan.

The Department of Education and legal experts following the court cases have said borrowers who alrea🌳dy ha🔜d their loans forgiven cannot have that taken away by courts or the new administration.