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Biden Administration to Waive Student Loans For Another 160,000 Borrowers

The Biden administration is canceling student loans for 160,000 borrowers via a combination of existing programs. 

The Education Department announced that it will erase $7.7 billion in federal student loans. With the latest action, the administration declared it has canceled $167 billion in student debt for almost 5 million Americans through a number of 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. “I will never stop working to cancel student debt — no matter how many times Republican-elected officials try to stop us.”

This will go to around 54,000 borrowers who have enrolled in Biden’s new income-driven repayment plan, as well as 39,000 enrolled in earlier income-driven plans, and around 67,000 who are eligible via the Public Service Forgiveness program.

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