• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026
Financestudent loans and debt

Biden administration wipes another $5.8 billion in student loan debt

By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
August 19, 2021, 2:20 PM ET
Add Fortune on Google for similar content.

On Thursday, the U.S. Department of Education announced it will discharge $5.8 billion in student loan debt for more than 300,000 borrowers who have a “total and permanent disability.”

“Today’s action removes a major barrier that prevented far too many borrowers with disabilities from receiving the total and permanent disability discharges they are entitled to under the law,” noted Education Secretary Miguel Cardona in a statement.

The discharge is automatic. The Department of Education will access Social Security Administration records to identify which borrowers are listed as disabled and, according to today’s announcement, will discharge the loans in September.

Since taking office in January, the Biden administration has announced several rounds of student loan forgiveness, including for defrauded students. However, in the grand scheme these rounds of student loan forgiveness are pretty small. In total, student loan borrowers owe $1.7 trillion. This $5.8 billion announcement doesn’t represent even 1% of that total.

According to the Department of Education, the Biden administration has now approved discharging $8.7 billion in student loan debt for more than 450,000 borrowers this year.

These discharges prompt the question: Is mass student loan forgiveness on its way?

“I don’t expect to see anything happening regarding student loan forgiveness this year. Congress doesn’t appear likely to act, as loan forgiveness is not a part of the massive social spending package, and the prospects of getting other major legislation through Congress appear to be tough at this point,” Robert Kelchen, higher education professor at the University of Tennessee, Knoxville, tells Fortune. “I also don’t see the Biden administration forgiving loans through executive action this year, as the most politically opportune time to do this was right after taking office.”

Indeed, last month House Speaker Nancy Pelosi angered progressives when she told reporters that Biden doesn’t have the authority to forgive massive amounts of student loans through executive order.

More politics coverage from Fortune:

  • These companies are among the country’s largest contributors to climate change—and a new bill aims to make them pay for it
  • What a Taliban-controlled Afghanistan means for the rest of the world
  • Inside the FEMA program that spent $1 billion on COVID-19 funerals
  • Republican anti-protest laws sweep across the U.S.
  • The politics behind President Biden’s plan to lower prescription drug prices

Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.

About the Author
By Lance LambertFormer Real Estate Editor
Twitter icon

Lance Lambert is a former Fortune editor who contributes to the Fortune Analytics newsletter.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
PoliticsIran
U.S. launches new strikes on Iran while Tehran mocks Trump’s reversal on charging for Hormuz transits — ‘20% is of course too much. We will be fair’
By Jon Gambrell, Konstantin Toropin, Will Weissert and The Associated PressJuly 13, 2026
7 hours ago
Lindsey Graham and Mitch McConnell face each other.
North Americagovernment spending
McConnell’s absence could jeopardize Republicans’ defense spending agenda as the Iran war escalates
By Sasha RogelbergJuly 13, 2026
7 hours ago
SoFi® vs. College Ave student loans
Personal Financestudent loans and debt
SoFi® vs. College Ave student loans
By Joseph HostetlerJuly 13, 2026
9 hours ago
SoFi® private student loans review 2026
Personal FinanceLoans
SoFi® private student loans review 2026
By Joseph HostetlerJuly 13, 2026
10 hours ago
college
Personal FinanceColleges and Universities
The real reason college costs 43% of family income isn’t tuition
By Thomas Adam and The ConversationJuly 13, 2026
10 hours ago
Trump takes a page from Iran’s playbook on the Strait of Hormuz, leveraging U.S. influence over the contested chokepoint to generate revenue
Middle EastIran
Trump takes a page from Iran’s playbook on the Strait of Hormuz, leveraging U.S. influence over the contested chokepoint to generate revenue
By Jason MaJuly 13, 2026
12 hours ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
2 days ago
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
20 hours ago
Current price of silver as of Monday, July 13, 2026
Personal Finance
Current price of silver as of Monday, July 13, 2026
By Joseph HostetlerJuly 13, 2026
20 hours ago
Trump embraces Australian retirement system backed by Larry Fink
Personal Finance
Trump embraces Australian retirement system backed by Larry Fink
By Brianna Sosa and BloombergJuly 12, 2026
1 day ago
How Pete Hegseth's DEI order just put Scouting America's future at stake
North America
How Pete Hegseth's DEI order just put Scouting America's future at stake
By Seth T. Kannarr, Derek H. Alderman and The ConversationJuly 13, 2026
11 hours ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
8 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.