Biden administration cancels another $7.4 billion in student loans

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President Biden announced $7.4 billion in new student loan forgiveness days after touting his broader plan to cancel debt.

The White House will send emails Friday to 277,000 borrowers informing them their debts — $7.4 billion in total — are being canceled. As Election Day nears, the Biden administration has ramped up efforts to“This White House has been unapologetic in our efforts to deliver this relief,” Education Secretary Miguel Cardona said on a call with reporters Thursday. “Imagine the potential of this country if everyone can afford and access higher education. That’s why we’re engaged in this difficult work.

“Republican elected officials across 18 states want to prevent their own constituents from benefiting from the Save plan,” White House press secretary Karine Jean-Pierre told reporters. “They want to make their constituents’ monthly payments go up and keep them under mountains of loan debt with no end in sight.”

“We know that instead of doing its job the administration focused time, energy, and resources on its illegal student loan scheme,” Rep. Virginia Foxx , the chairwoman of the House Education Committee, said in a statement. “And that has been frustrating, especially since it has jeopardized the academic journey of millions of students.”

 

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