Biden Cancels $5 Billion in Student Debt in Latest Relief Step
- Student loan forgiveness comes to $136 billion under Biden
- Move comes amid pressure to expand administration’s ‘Plan B’
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President Joe Biden is forgiving nearly $5 billion in additional student debt as the administration seeks to deliver on one of his signature initiatives with high stakes for his 2024 reelection campaign.
Almost 74,000 student loan borrowers will see debt canceled as a result of administrative changes by the US Education Department in the latest round of relief. Those affected include borrowers enrolled in the government’s income-driven repayment and public-service loan forgiveness programs.