This is in addition to the nearly $60 billion that Biden will have cancelled by early next year through temporary student loan forbearance. The U.S. Department of Education estimates that temporary student loan forbearance collectively has saved student loan borrowers $5 billion each month during the Covid-19 pandemic. Similarly, President Donald Trump cancelled nearly $20 billion of student loans by extending student loan relief from the Cares Act, the $2.2 trillion stimulus package that Congress passed in March 2020. The good news for student loan borrowers is that Biden will continue to cancel student loans during the coming months and years. That student loan cancellation is likely to be based on existing law and implemented through the U.S. Department of Education, which U.S. Secretary of Education Miguel Cardona leads.
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