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Biden Administration Cancels $7.7 Billion in Student Debt for 160,000 Borrowers, Totaling $167 Billion

May 22, 2024, 10:25 AM

President Joe Biden announced on Wednesday that his administration will cancel $7.7 billion in student debt for over 160,000 borrowers. This latest round of forgiveness brings the total amount of student debt canceled by the Biden administration to $167 billion, benefiting nearly 5 million Americans, which is more than 10% of borrowers. The move has faced significant opposition from Republican lawmakers, who argue that the cost to taxpayers is too high. They are calling for the Department of Education to withdraw the plan, labeling it as a 'socialist scheme.' Despite these challenges, the Biden administration continues to pursue avenues for providing student debt relief to ease the financial burden on households.