The Biden administration on Friday said it's canceling $7.4 billion in student debt for 277,000 borrowers, with the recipients scheduled to receive emails today to alert them to their loan discharges. The latest effort extends the debt relief provider under President Joe Biden after the Supreme Court last year blocked his administration's plan for broad-based student loan forgiveness .
The plan allows people to receive forgiveness after they made at least 10 years of payments if they originally took out $12,000 or less in loans to pay for college; borrowers with larger loans are eligible after 20 or 25 years of repayment, depending on what types of loans they have. 'You sacrifice and you've saved for a decade or more to make your student loan payments, and you originally borrowed $12,000 or less, you're going to see relief,' Cardona told reporters.
Biden Student Debt Loan Forgiveness Supreme Court Relief Borrowers White House Education Financial Burden
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