Biden’s Legacy: Record Student Loan Forgiveness Brings Relief and Frustration

President Joe Biden is set to leave office with a historic legacy of having forgiven more student loan debt than any other U.S. president. His administration’s actions have transformed the lives of millions of borrowers, offering financial relief that some had waited decades to receive. However, while many are celebrating the elimination of their debt, others are left frustrated with a system they believe still fails to serve the majority of Americans burdened by student loans.

Borrowers like Christina Winton, a public servant and mother of two from Arizona, expressed gratitude for the relief but also lamented the personal cost of waiting so long for forgiveness. Winton had nearly $30,000 in student loans canceled in 2023 through the Public Service Loan Forgiveness (PSLF) program.

Yet, she reflected on the years of financial strain leading up to the relief, saying, “I never built significant savings at all. I don’t have anything saved. I’m a solo parent, and I do not receive child support.”

The Biden administration forgave approximately $180 billion in student loans, wiping out debt for nearly five million Americans. 

The forgiveness targeted specific groups, including those in income-driven repayment plans like PSLF, borrowers defrauded by schools, and individuals with disabilities. Biden also introduced regulatory changes to address flaws in the PSLF program, which is designed to reward public service workers—such as teachers and police officers—by canceling their loans after 120 qualifying payments.

For borrowers like Lisa Ansell, an educator in California, Biden’s reforms were life-changing. Ansell, who had been denied forgiveness eight times, finally had her loans canceled in 2021 after the administration made key adjustments to the PSLF program. Reflecting on her ordeal, she said, “I should have been eligible for public service loan forgiveness in 2017. I applied, and of course, I was denied for no valid reason.

The Department of Education likes to invent reasons to prevent people from receiving their lawful cancellation.” While relieved, Ansell expressed anger over the years lost to what she called “indentured servitude” to her student debt, which prevented her from saving money or achieving financial stability.

Despite these individual successes, Biden’s actions fell short of addressing the broader crisis faced by 45 million borrowers across the country. His attempt to provide $10,000 in relief for all borrowers was struck down by the Supreme Court. Efforts to expand forgiveness through regulatory measures also ran out of time, leaving many disappointed.

The setbacks marked a significant blow to Biden’s campaign promise of sweeping student debt relief. Some experts, like Daniel Collier, an assistant professor at the University of Memphis, acknowledged the administration’s efforts but criticized its communication strategy.

“There are people that absolutely feel slighted, and sometimes their anger is maybe misplaced on the Biden administration,” Collier said. “To be fair, though, the Biden administration has done a poor job of communicating with borrowers, especially since the court cases have stalled.”

For those who received forgiveness, the impact has been profound. Many borrowers reported experiencing financial stability, newfound career flexibility, and reduced mental distress. Loan cancellation has also removed a major obstacle for younger Americans looking to buy homes. A 2023 report from the Student Debt Crisis Center found that over half of borrowers with defaulted loans cited student debt as a barrier to homeownership.

Biden defended his record on student loans, emphasizing the broader benefits of his administration’s actions. “From Day One of my Administration, I promised to make sure that higher education is a ticket to the middle class, not a barrier to opportunity,” he said in December.

“Because of our actions, millions of people across the country now have the breathing room to start businesses, save for retirement, and pursue life plans they had to put on hold because of the burden of student loan debt.”

For borrowers like Winton, however, the road to relief was far from smooth. She faced challenges with her loan servicer, which lost her payment history, complicating her path to qualifying for PSLF. The delays, she said, came at a cost to her and her children, who are now approaching college age. “The result was never being able to save for [their education],” Winton shared.

As Biden’s tenure ends, his legacy on student loans is a mix of significant achievements and unresolved frustrations. While millions celebrate newfound financial freedom, the broader question of systemic reform remains unanswered, leaving many Americans wondering what lies ahead for the nation’s student debt crisis.