Another 160,000 borrowers are getting their student loans canceled through a combination of existing programs, the Biden administration announced on Wednesday. The latest round of cancellation will erase a total of $7.7 billion in federal student loans, Education Department officials said. To date, the administration has canceled $167 billion in student loan debt for nearly 5 million Americans through a variety of programs.
In two federal lawsuits, the states say Biden needed to go through Congress for his overhaul of federal repayment plans.A separate action by the Biden administration aimed to correct previous mistakes that delayed cancellation for some borrowers enrolled in other repayment plans and through Public Service Loan Forgiveness, which forgives loans for people who make 10 years of payments while working in public service jobs.
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