The Biden administration announced on Wednesday that it has approved the cancellation of federal student loans worth nearly $5 billion.
The Biden administration announced student loan cancellations. (Photo: Getty)
Student Loan Cancellation
Student loan is still one of the issues that the Biden administration is facing after the U.S. Supreme Court decided not to grant its plan to forgive student loans up to $20,000. But the present administration is trying its best to find ways to forgive student debts.
In a published article in CNN News, the Biden administration announced on Wednesday that it has approved the cancellation of nearly $5 billion in student loans. The federal government has canceled several times the student loans of borrowers and the recent announcement has led the administration to cancel a total amount of $132 billion for more than 3.6 million borrowers.
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Biden Released a Statement
According to a published article in NPR, Pres. Joe Biden said, “We are continuing to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible,” Meanwhile, the cancellation of student loans is limited only to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges and borrowers who have paid for at least 20 years.
Furthermore, Education Secretary Miguel Cardona said, “The latest discharges are a result of this administration’s relentless efforts to fix our country’s broken student loan system and get hard-earned debt relief into the hands of eligible borrowers.”
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