Biden Administration Cancels $1.2 Billion in Student Loan Debt

President Biden's administration announced the cancellation of over $1.2 billion in student loan debt. This move is part of Biden's efforts to fulfill his campaign promise of offering relief to borrowers, particularly those in the middle and lower class. The debt forgiveness plan targets 153,000 borrowers who have been enrolled in specific repayment plans and have been making payments for at least a decade. Despite previous unsuccessful attempts, Biden's latest initiative seeks to address the student loan crisis, which still looms large with $1.7 trillion in outstanding debt.