Biden Administration to Forgive $7.7 Billion in Student Debt, Total $167 Billion

May 22, 2024, 09:41 AM

The Biden administration announced on Wednesday that it will forgive $7.7 billion in student debt for more than 160,000 borrowers. This move brings the total amount of student loan debt canceled under President Biden to $167 billion. More than one in 10 Americans with federal student loans have been approved for some measure of debt relief under Biden. The decision is part of a broader effort to alleviate the burden of education debt on American households. However, the plan faces legal challenges from Republican states, and a group of 129 members of Congress, led by Virginia Foxx and Senator Bill Cassidy, has urged the Department of Education to rescind this latest debt relief initiative.