Biden administration canceling student loans for another 160,000 borrowers

. The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs. “From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity,” President Joe Biden said in a statement.

A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while working in public service jobs. The Biden administration has been announcing new batches of forgiveness each month as more people qualify under those three categories.

Source: Education Headlines (educationheadlines.net)

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