Biden administration forgives $39 billion in student debt

The Biden administration announced it would automatically cancel education debt for 804,000 borrowers, for a total of $39 billion in relief.

  • The debt cancellation is a result of the administration’s fixes to repayment plans, which included updated counts of borrowers’ payments.
  • The announcement comes weeks after the Supreme Court struck down President Joe Biden’s sweeping student loan forgiveness plan, which would have delivered relief to about 37 million people.

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