Biden's $7.7 Billion Student Debt Forgiveness to Aid 160,000 Borrowers: Latest Round Announced

Tejal Somvanshi Tejal Somvanshi

The Biden administration is canceling $7.7 billion in federal student loans for 160,000 borrowers, announced the Department of Education on Wednesday.

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This latest measure brings the total student debt forgiveness to $167 billion, benefiting nearly 5 million Americans.

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From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class," President Joe Biden stated.

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The new round of debt relief targets three specific groups, including 54,000 people in Biden's new income-driven repayment plan, SAVE.

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Approximately 67,000 borrowers qualifying through the Public Service Loan Forgiveness program will see their debts erased.

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Biden’s SAVE plan accelerates loan forgiveness, allowing more people to qualify after 10 years of payments, cutting previous requirements by a decade.

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Despite ongoing legal challenges from Republican-led states, the debt cancellation efforts continue unabated.

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Kansas and Missouri are among the states leading lawsuits, arguing Biden needs congressional approval to reform federal plans.

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Education Secretary Miguel Cardona emphasized the administration's persistence, stating they aim to bring student debt relief to millions more.

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