Biden Administration Cancels $1.2 Billion in Student Loan Debt

The Biden administration has unilaterally canceled $1.2 billion in student loan debt, impacting at least 150,000 borrowers. Borrowers meeting specific criteria, such as having loans of $12,000 or less and making regular payments for a decade, qualify for relief. The plan forgives additional debt for every year of payment beyond the $12,000 threshold. This move brings the total student debt cancellation under the Biden administration to nearly $138 billion for almost 3.9 million borrowers.