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Biden to forgive $7.4 billion more in student loan debt for 277,000 borrowers | CNN Politics (www.cnn.com)

submitted 6 months ago by Rapidcreek to c/politics

0 comments fedilink

255

Biden to forgive $7.4 billion more in student loan debt for 277,000 borrowers (www.cnn.com)

submitted 6 months ago by MicroWave to c/politics

31 comments fedilink

The Biden administration said Friday that is using existing student loan forgiveness programs to cancel another round of student debt, totaling $7.4 billion for 277,000 borrowers.

Under President Joe Biden, the Department of Education has made it easier for some specific groups of borrowers, like public sector workers, to qualify for loan forgiveness. It also launched a new repayment plan that creates a shorter pathway to loan forgiveness for many low-income borrowers – and is at issue in at least two legal challenges from Republican-led states.

In total, the Biden administration has authorized the cancellation of $153 billion in student loan debt for nearly 4.3 million people. That’s more than 9% of all outstanding federal student loan debt.