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Biden to cancel $7.7 billion in student debt for 160K borrowers

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Zoë Richards is the evening politics reporter for NBC News.

President Joe Biden announced a new round of federal student debt forgiveness Wednesday that his administration said will provide relief to 160,000 borrowers. The Education Department said it's canceling $7.7 billion for certain borrowers who received Public Service Loan Forgiveness, like teachers, nurses and law enforcement officials.

9 billion for over 39,000 borrowers through administrative adjustments to income-driven repayment counts. The latest announcement comes after a broader effort to reduce student debt failed. The Supreme Court last year rejected Biden’s pandemic-era debt relief plan, which aimed to erase up to $20,000 in student debt for about 43 million borrowers. The total number of people who have benefited from debt cancellation actions is 4.

 

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