Millions of Americans who hoped for student loan forgiveness under former President Joe Biden may have ended up worse off financially, according to a new report. Not Everyone Agrees Not everyone is on board with the narrative that Biden’s student loan proposals caused harm to borrowers. How Biden's Forgiveness Plan Shaped Expectations Biden announced a broad student loan forgiveness initiative in August 2022 that would have canceled up to $10,000 in federal student debt for many borrowers and up to $20,000 for Pell Grant recipients. Millions of Americans who hoped for student loan forgiveness under former President Joe Biden may have ended up worse off financially, according to a new report. Not Everyone Agrees Not everyone is on board with the narrative that Biden’s student loan proposals caused harm to borrowers.