Biden Is Canceling $7.4 Billion In Student Debt For 277,000 Borrowers. Here's Who Is Eligible.

CBS News, CBS San Francisco

April 12, 2024

The Biden administration on Friday said it's canceling $7.4 billion in student debt for 277,000 borrowers, with the recipients scheduled to receive emails today to alert them to their loan discharges.

The latest effort extends the debt relief provider under President Joe Biden after the Supreme Court last year blocked his administration's plan for broad-based student loan forgiveness. With the latest batch of loan cancellations, the White House said it has forgiven about $153 billion in debt for 4.3 million student borrowers.

Biden, who had made student loan relief a major campaign pledge, is tackling an issue that affects about 43 million Americans with a combined $1.7 trillion in student debt. It's a burden that some borrowers and their advocates say has harmed their ability to save for a home or achieve financial milestones, an issue that was echoed by Education Secretary Miguel Cardona in a conference call with reporters.

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