Student Loan Update: Biden Cancels $7.7 Billion of Debt

President Joe Biden announced on Wednesday that he is canceling some $7.7 billion in student debt for another 160,000 borrowers.The latest relief will go to borrowers in three categories: almost 67,000 borrowers who are eligible for debt cancellation through the Public Service Loan Forgiveness program, approximately 54,000 who are enrolled in a new income-driven repayment plan, and 39,200 enrolled in earlier income-driven plans.

'One out of every 10 federal student loan borrowers approved for debt relief means one out of every 10 borrowers now has financial breathing room and a burden lifted.'Cancellation is going ahead even as Biden's Saving on A Valuable Education plan, which offers a faster path to forgiveness, is facing legal challenges from 18 states that are arguing that Biden needs to go through Congress to overhaul federal repayment plans.

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