The White House on Friday announced it's canceling an additional $7.4 billion in debt as part of the Biden administration's most recent attempt at widespread student loan forgiveness ahead of the election. The administration announced the handouts, targeted at an estimated 277,000 borrowers across the country, with the national debt topping $34.5 trillion. U.S.
Biden touted his Saving on a Valuable Education plan, which originated after the Supreme Court struck down Biden's student loan forgiveness plan. "These 277,000 borrowers are enrolled in my administration’s SAVE Plan, or were approved for relief because of fixes we made to Income-Driven Repayment Plans and Public Service Loan Forgiveness," Biden said in a news release.
This report has been updated to clarify the amount of student debt in the latest cancellation. Fox News' Anders Hagstrom contributed to this report.