US cancels $7.4bn in student loans, totalling $153bn
Washington, D.C., US - US President Joe Biden cancelled another Us$7.4bn student debt for 277,000 borrowers, the White House announced on Friday in a statement.
The move brings the total debt relief approved by the Biden administration to Us$153bn for 4.3mn Americans over the last three years.
“Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years,” Biden said in a separate statement released by the White House.
“That includes: providing the largest increases to the maximum (student aid) Pell Grant in over a decade; fixing Public Service Loan Forgiveness so teachers, nurses, police officers, and other public service workers get the relief they are entitled to under the law, and holding colleges accountable for taking advantage of students and families,” he added.
Earlier this week, the Biden administration provided outlines for new plans to deliver student debt relief to an additional 30mn Americans.
“If these plans are finalised as proposed, this fall the Administration would begin cancelling up to US$20,000 in interest for mil
Today’s announcement comes on top of the significant progress we’ve made for students JOE BIDEN
lions of borrowers and full loan forgiveness for millions more,” the White House said on Monday. Previous student aid relief programmes from the Biden administration have faced court challenges by the Republican Party, including his most ambitious one, which was struck down by the Supreme Court last June.