NEW YORK CITY - President Joe Biden has canceled an additional $1.2 billion in student loan debt, the Department of Education announced on Wednesday. Nearly 153,00 borrowers currently enrolled in the new repayment plan launched by the administration are expected to get an email Wednesday notifying them of the update.
The relief is the latest effort by the Biden administration to address the nation's $1.77 trillion in student debt. Last year, these efforts suffered a significant blow when the Supreme Court blocked the administration's program aimed at delivering up to $20,000 of relief to millions of borrowers struggling with outstanding debt.
