The Biden administration cancelled $9.5B in student loan debt. Here's who it affects.

The Biden administration relieved 563,000, or 1.3% of all borrowers of their student loan debt this year. The cancelled loans were less than 1% of the student debt owed in the US. Nearly 43 million people collectively owe $1.59 trillion in student debt, according to data from the office of Federal Student Aid. The Department of Education cancelled about $9.5 billion in student loans since early 2021. It has also paused all student loan repayment, interest, and collections through the end of January 2022.