Biden cancels student debt for more than 160,000 borrowers

President Biden announced Wednesday that he would cancel student debt for more than 160,000 borrowers.

The new plan forgives $7.7 billion for the latest batch of borrowers, bringing Biden’s total student debt relief to $167 billion for 4.75 million Americans. The latest loan forgiveness initiative comes through several income-based repayment (IDR) plans, including the president’s newly created SAVE program.

The 160,000 borrowers are people enrolled in the Biden administration’s SAVE Plan and are public service workers such as teachers, nurses or law enforcement officers, or are borrowers who were approved for relief due to corrections in IDR plans.

“The Biden-Harris administration remains persistent in our efforts to bring student debt relief to millions more people across the country, and this announcement proves that,” said the Secretary of Education. Miguel Cardona said in a statement. “One in 10 federal student loan borrowers approved for debt relief means one in 10 borrowers now has financial breathing room and a burden lifted.”

Biden made student debt forgiveness a 2020 campaign promise and is ramping up his recent efforts as he works to appeal to young voters ahead of the November elections.

Last month, the administration canceled student debt for more than 277,000 borrowers. These actions targeted public service workers, people covered by IDR plans, borrowers defrauded by their schools, and people with disabilities.

Biden also announced last month a plan to provide relief to 25 million borrowers, including those with IDR plans, people who participated in low-value education programs, individuals facing hardship and borrowers whose debt has grown due to unpaid interest. . The plan, if finalized, will almost certainly be challenged in court.

The latest plans are part of the president’s efforts to find an alternative solution after the Supreme Court struck down his student debt relief plan in June.

This story originally appeared on thehill.com read the full story