President Joe Biden has announced the cancellation of $7.7 billion in student loan debt for more that 160,000 borrowers.
With this recent cancellation, 4.75 million people will benefit from this relief, according to Reuters. Last June, the Supreme Court blocked President Biden’s plan to cancel $430 billion in student loan debt, however he was determined to find another way to do so.
The borrowers who were eligible for this forgiveness were people enrolled in the Save on a Valuable Education Plan (SAVE), who have received over $35,000 in debt. According to the White House, nurses, teachers, law enforcement officials, and other public service workers are eligible for the cancellation.
“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” President Biden said in a statement. “I will never stop working to cancel student debt- no matter how many times Republican elected officials try to stop us.”
The total of the debt relief since the announcement is now $167 billion approved by the Biden administration. This news comes as President Biden gets ready for the November presidential election.
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