Student Loan Forgiveness: An Additional $7.4 Billion

On Friday, the Biden administration declared the cancellation of an additional $7.4 billion in student loans.
President Biden's plan to eliminate student loans was overturned by the US Supreme Court in June of last year. Since then, Biden has declared the cancellation of an additional $153 billion in student loans.

The Biden administration declared that an additional 277,000 debtors will have their student loan debt forgiven. U.S. Secretary of Education Miguel Cardona stated in a statement, "We will remain relentless in our pursuit to bring relief to millions across the country as long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare."

A total of $3.6 billion will be removed from the student loan debt of over 206,000 borrowers. Loan forgiveness of up to $20,000 per borrower. The Department of Education's low-income borrower repayment arrangements will result in the cancellation of loans for an additional 65,000 borrowers.

Additionally, 4,600 borrowers will gain from the government's public servant loan forgiveness initiative.